Required information [The following information applies to the questions displayed below.] Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries. 5. Record the closing entry at December 31 of the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 5. Record the closing entry at December 31 of the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits