Regis Corporation operates hair salons under various brand names including Supercuts, Mia & Maxx, and Style America. The following is a simplified list of accounts and amounts (in millions) reported in the company’s accounts for the year ended June 30, 2016.

Required:

1. Prepare an adjusted trial balance at June 30, 2016. Is the Retained Earnings balance of $318 the amount that would be reported on the balance sheet as of June 30, 2016?

2. Prepare the closing entry required at June 30, 2016.

3. Prepare a post-closing trial balance at June 30, 2016.

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$ 60 $ 134 Accounts Payable Inventories Accounts Receivable 25 Notes Payable (long-term) 320 Office Expenses Accumulated Amortization 23 369 Accumulated Depreciation 690 Prepaid Rent 52 Amortization Expense Rent Expense 300 148 Cash Retained Earnings 318 Salaries and Wages Expense 215 868 Common Stock Salaries and Wages Payable 135 Depreciation Expense 65 Equipment 1,283 Service Revenue 1,790 Income Tax Expense Software 9. 108 Interest Expense Supplies Expense 179