On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company

A) Journalize the four closing entries.

B) What is the balance in Retained Earnings after the posting of closing entries?

Cash S 30,000 45,200 5,000 169,900 Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Fees Earned $ 32,000 12,500 20,000 51,600 47,000 510,000 Salary Expense Rent Expense 244,500 48,000 25,000 Depreciation Expense Supplies Expense Miscellaneous Expense 9,500