Preparing Closing Journal Entries The GAP Inc.'s fiscal 2015 financial statements provide the balances for the following selected accounts. E3-38. LO5 The GAP Inc. (GPS Debit Credit $ millions Net sales. . . . Operating expenses (other than COGS).... $15,797 4,196 53 551 Retained earnings (beginning of year). . 2,797 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 these entries are posted, what is the balance of the retained earnings account