Irvine Corporations fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31.

Required:

1. Prepare the necessary closing entries.

2. Calculate the ending balance of Retained Earnings

Required #1:

Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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Irvine Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. \begin{tabular}{lrr|} \hline \multicolumn{1}{c}{ Accounts } & Debit & \multicolumn{1}{c|}{ Credit } \\ \hline Retained Earnings & & $27,000 \\ Dividends & $2,700 & \\ Service Revenue & & 47,000 \\ Interest Revenue & 14,700 & 5,700 \\ Salaries Expense & 5,700 & \\ Rent Expense & 2,700 & \\ Advertising Expense & 10,700 & \\ Insurance Expense & 4,700 & \\ Interest Expense & & \end{tabular} Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Calculate the ending balance of Retained Earnings