In this step, post the closing entries to Retained Eamings in a T-account, and determine the ending balance. (Only complete the neces? Next, determine the net income for the year. View the closing journal entries. Net income for the year: Now, determine the ending balance of the Retained Eamings account. Ending balance of Retained Eamings: Requirement 3. Did Retained Earnings increase or decrease during the year? What caused the increase or decrease? Petained Earnings during 202 because