L02 EXERCISE 5.4 Refer to the adjusted trial balance of Tutors for Rent, Inc., illustrated in Exercise 5.2 to respond to Preparing Closing the following items: Entries and an After- a. Prepare all necessary closing entries at December 31,2011 . Closing Trial Balance b. Prepare an after-closing trial balance dated December 31,2011. c. Compare the Retained Earnings balance reported in the after-closing trial balance prepared in 105 part b to the balance reported in the adjusted trial balance. Explain why the two balances are different. (Include in your explanation why the balance reported in the after-closing trial balance has increased or decreased subsequent to the closing process.) Tutors for Rent, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company's year-end adjusted trial balance dated December 31,2011 , was: L02 EXERCISE 5.4 Refer to the adjusted trial balance of Tutors for Rent, Inc., illustrated in Exercise 5.2 to respond to Preparing Closing the following items: Entries and an After- a. Prepare all necessary closing entries at December 31, 2011. Closing Trial Balance b. Prepare an after-closing trial balance dated December 31,2011. c. Compare the Retained Earnings balance reported in the after-closing trial balance prepared in 105 part b to the balance reported in the adjusted trial balance. Explain why the two balances are different. (Include in your explanation why the balance reported in the after-closing trial balance has increased or decreased subsequent to the closing process.)