Preparation of closing entries. Exhibit 3.20 presents the adjusted, preclosing trial balance of Creative Photographers, Inc., at June 30, Year 2.

a. Present the journal entries to close the revenue and expense accounts directly to Retained Earnings as of June 30, Year 2.

b. Set up in T-account form the revenue, expense, and retained earnings accounts. Insert the trial balance amounts, and record the closing entries from part a.