Preparing Closing Journal Entries On June 30, 2018, Qantas Airlines reports the following balances.

In AUD millionsDebitCreditTotal passenger and freight revenueAUD 17,060Manpower and staff relatedAUD 4,300Fuel3,232Aircraft operating variable3,596Depreciation and amortization1,528Other expenses2,831Finance costs, net182Income tax expense411Retained earnings, beginning of year1,084

a. Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above.

b. Set up the needed Taccounts, and post the closing entries.

c. After these entries are posted, what is the balance of the retained earnings account? AUD Million

Preparing Closing Journal Entries On June 30, 2018, Qantas Airlines reports the following balances. a. Assume the company has not yet closed any accounts to retaine b. Set up the needed T-accounts, and post the closing entries