Regis Corporation operates hair salons under various brand names including Supercuts, Mia & Maxx, and Style America. Assume the following is a simplified list of accounts and amounts (in millions) reported in the company’s accounts for the year ended June 30, 2017. 

Required: 

1. Prepare an adjusted trial balance at June 30, 2017. Is the Retained Earnings balance of $644,000,000 the amount that would be reported on the balance sheet as of June 30, 2017? 

2. Prepare the closing entry required at June 30, 2017. 

3. Prepare a post-closing trial balance at June 30, 2017.

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Accounts Payable $ 70 $ 54 Income Tax Expense Interest Expense Inventories Accounts Receivable 38 36 Accrued Liabilities 208 212 Accumulated Depreciation Cash 586 Long-Term Liabilities 982 128 Other Current Assets 67 Contributed Capital Cost of Operations Depreciation Expense General and Administrative Expenses 247 1,309 Other Long-Lived Assets Property, Plant, and Equipment Retained Earnings Rent Expense Salon Revenue 1,690 131 1,068 644 337 406 2,739