3.400 Now close the dividends account. Journal Entry Dividends Equipment. Insurance expense 31,500 Supplies 42,500 Supplies expense 200 Unearned service revenue 4,600 2.700 Date Accounts Debit Credit (3) March 31 Print Done Requirement 2. A T-account for Retained Earnings has been set up. Post to that account. Then compute Valley Haven Ltd.'s net income for the year ended March 31, 2020. What is the ending balance of Retained Earnings? Post the closing entries to Retained Earnings in a T-account and determine the ending balance. (Enter the beginning balance on the first line. Post the closing entries in the order the entries were prepared in the journal. Leave any unused cells blank.) Retained Earnings What is the net income for the year? The net income for 2020 was S The accounts of Valley Haven Services Ltd. at March 31, 2020, are listed in alphabetical order. E (Click the icon to view the accounts.) Requirements 1. All adjustments have been journalized and posted, but the closing entries have not been made. Journalize Valley Haven Ltd.'s closing entries at March 31, 2020. 2. A T-account for Retained Earnings has been set up for you. Post to that account. Then compute Valley Haven's net income for the year ended March 31, 2020. What is the ending balance of Retained Earnings? 3. Did Retained Earnings increase or decrease during the year? What caused the increase or the decrease? Requirement 1. All adjustments have been journalized and posted, but the closing entries have not been made. Journalize Valley Haven Ltd.'s closing entries at March 31, 2020. (Record debits first, then credits. Enter explanations on the last line.) Record the closing entries for Valley Haven at March 31, 2020. Begin by closing the revenue account. Journal Entry Accounts Date Accounts Debit Credit - X (1) March 31 Accounts payable $ $ 6,000 Accounts receivable 14.300 6,000 Accumulated depreciation -equipment Advertising expense 20,100 Next, close the expense accounts. Cash Journal Entry 14,600 Note payable, long term 16,800 Other assets Prepaid expenses. 7,500 Retained earnings, 10,900 March 31, 2019 8,000 Salary expense. Salary payable 400 Service revenue 1,100 Share capital. 31,500 Supplies 42,500 Supplies expense. 200 Unearned service revenue 18,500 2,500 Date Accounts Debit Credit 95.000 (2) March 31 Current portion of note payable Depreciation expense Dividends. Equipment 9,000 3,400 4,600 Insurance expense 2,700 Print Done Now close the dividends account