The adjusted trial balance for Laurel Developments as of March 31, 2025, is as follows.

Instructionsa. Prepare the closing entries.b. Determine Laurel Developments’ ending retained earnings balance as of March 31, 2025.

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Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenue Interest Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense Insurance Expense Income Tax Expense Debit $ 56,000 177,000 5,000 401,000 21,000 50,000 561,000 9,000 12,000 42,000 Credit $ 120,000 32,000 5,000 11,000 103,000 88,000 956,000 19,000