Post the closing entries to Retained Earnings and compare Retained Earnings' ending balance with the amount reported on the balance sheet. The two amounts should be the same. Post each entry using the appropriate closing entry label. Calculate the balance and enter the balance on the correct side of the account along with the "Bal" label.

Requirement 2. Post the closing entries to Retained Earnings and compare Retained Earnings' ending balance with the amount reported on the balance sheet. The two amounts should be the same. Post each entry using the appropriate closing entry label. Calculate the balance and enter the balance on the correct side of the account along with the "Bal" label. Review the closing entries prepared in Requirement 1