Requirement 1. Journalie the required closing entries for Redding (Record debits frst then credts Select the explanation on the las ine of the ounal entry table) Start by closing the revenue accounts for the period Do not close expenses, we will do this in the neat step Data Table Dater Accounts and Explanation Debiti Crede Dec 31 S 374000 Accumulated Depreciaton-Bdng Cost of Goods Sold s 41000 Accounts Payable 22,000 Cash 54000 Rent Expenser 705000 23.000 Sales Reyenue 117 000 Depecton Expense-Buidng Building 15,000 Common Stock 50.000 Close expenses for the period 130 000 Dividends Retaned Eamings 20 900 Innest Revenue 4500 Credit Accounts and Explanations Debit Date Menchandse Inventory 260 400 Dec 31 Notes Recevable 30,000 Done Print Choose from any list or enter any number in the input fields and then continue to the next question 1. Journalize the required closing entries for Redding 2. Determine the onding balance in the Retained Eanings account Close Income Summary Date Accounts and Explanation Debit Credit Dec 31 Data Table - X s 374000 Accumusted Depreciation-Buidng Cost of Goods Sold s 41000 Accounts Payable 22.000 Cash 54000 Close Dividends Rent Expense 23000 Sales Revenue 705.000 117000 Depreciaton Expese-Bng Bulding Common Stock 15 000 Date Accounts and Explanation Debit Credit 130 000 Divends 50,000 Dec 31 Retaned Eanngs 20 000 nterest Revenu 4 500 20 400 30000 Merchandise Invenory Notes ecevable Print Done Choose from any list or enter any number in the input flelds and then continue to the next question X Data Table s 374000 Accumued Deprecaton-Buiding 41000 Cost of Goods Sold Close Dividends 54 000 22.000 Cash Accounts Payable Debt Credit Accounts and Explanation Dater TO5 000 23000 Sales Revenue Rent Expense Dec 31 15,000 117 000 Depreciton Expense-Budng Balding s0 000 130 000 Dividends Common Stock 4500 20 900 nteest Reven Rned Eamng Merchandise Imentory 20 400 30.000 Notes Receivat Requirement 2.Detemne the ending balance in the Retaned Eamngs account Done P The endng balance n the Retained Eamngs account at Decenber 31, 2018