Preparing Closing Journal Entries.

Prepare entries to close these accounts in journal entry form. Set up T-accounts for each of the accounts and post the entries to them. After entries are posted, what is the balance of the retained earnings account?

Preparing Closing Journal Entries The GAP Inc.'s fiscal 2015 financial statements provide the balances for the following selected accounts. E3-38. $ millions Debit Credit Net sales... $15,797 Operating expenses (other than COGS) Interest expense, net 4,196 53 2,797