Journalize closing entries at January 31, 2018 (record debits first then credits)

Record the closing entries for Meadowbrook at January 31, 2018, Begin by closing the Revenue Account.

Then A T-Account for Retained Earnings has been set up for you. Post to that account. Then calculate Meadowbrook's net income for the year ended January 31, 2018. What is the ending balance of Retained Earnings? Post the beginning balance and closing entries to Retained Earnings in the T-account.

i Data Table Accounts payable ...............$ Accounts receivable ............ Accumulated depreciation, 12,400 16,600 600 16,500 13,800 6,100 7,500 11,200 17,500 5,700 equipment Advertising expense Cash Common stock Current portion of long-term note payable Depreciation expense-equipment .. Dividends declared ............... Equipment...................... Interest expense ............ $ Note payable, long term ...... Other assets, long-term....... Prepaid expenses ...... Retained earnings, January 31, 2017 Salary expense ....... Salary payable. Service revenue. Supplies Supplies expense ........... Unearned service revenue .... 1,500 1,000 11,500 43,200 14,000 27,800 3,200 94,000 3,000 4,900 2,400 Requirement 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Meadowbrook's closing entries at January 31, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the closing entries for Meadowbrook at January 31, 2018. Begin by closing the revenue account. Journal Entry Accounts Debit Credit Date (1) Jan 31 L Next, close the expense accounts. Journal Entry Date Accounts Debit Credit (2) Jan 31 Choose from any list or enter any number in the input fields and then continue to the next question. Next, close the expense accounts. Journal Entry Date Accounts Debit Credit (2) Jan 31 Now close the dividends account. Journal Entry Accounts Debit Credit Date (3) Jan 3 Requirement 2. A T-account for Retained Earnings has been set up for you. Post to that account. Then calculate Meadowbrook's net income for the year ended January 31, 2018. What is the ending balance of Retained Earnings? Post the beginning balance and closing entries to Retained Earnings in the T-account by selecting the respective posting references and then entering the correct amounts. Determine the ending balance. Retained Earnings The net income for 2018 was $ D . Requirement 3. Did Retained Earnings increase or decrease during the year? What caused the increase or decrease? Retained Earnings during 2018 because