Reckman RV Center's accounting records include the following accounts at December 31, 2018.

Requirements

1. Journalize the required closing entries for Reckman.

2. Determine the ending balance in the Retained Earnings account.

S375,000 Accumulated Depreciation-Building $ 40,000 Cost of Goods Sold Accounts Payable 50,000 20,000 Cash Rent Expense 700,000 28,000 Sales Revenue Building 114,000 Depreciation Expense-Building 11,000 52,000 Common Stock 112,000 Dividends Retained Earnings 5,600 Interest Revenue 16,000 Merchandise Inventory 230,600 Notes Receivable 33,000