(Click the icon to view the account balances.) (Click the icon to view the balance sheet) with amounts in thousands (Click the icon to view the statement of retained eamings.) Make the company's closing entries at July 31, 2021. Then set up a T-account for Retained Eamings and post to that account. Compare Retained Earnings' ending balance to the amount reported on Hawk's statement of retained eamings and balance sheet. What do you find? Begin by making the closing entry for revenues at July 31, 2021. Date Jul 31 Net Revenues Journal Entry Accounts Retained Earnings Now make the closing entry for expenses at July 31, 2021 Journal Entry Date Accounts Jul 31 Retained Eamings Cost of Goods Sold Debit Credit 188,000 188,000 Debit 160,800 Credit 137,800 All Other Expenses 23,000 Set up a T-account for Retained Eamings and post to that account. Record the beginning balance, post the closing entries, and calculate the ending balance of the Retained Earnings T-account. Retained Eamings