The following information applies to the questions displayed below Edwards Corporation operates hair salons under various brand names The following is a simplified list of accounts and amounts (in millions) reported in the companys accounts for the year ended June 30, 2013 Accounts Payable $ 76 Accounts Receivable 80 Accumulated Amortization 16 Accumulated DepreciationEquipment 69 Amortization Expense 8 Cash 155 Common Stock 260 Depreciation Expense 71 Equipment 510 Income Tax Expense 8 Interest Expense 16 Inventories 163 Note Payable (long term) 162 Note Payable (short term) 148 Office Expenses 119 Prepaid Rent 53 Rent Expense 210 Retained Earnings 476 Salaries and Wages Expense 620 Salaries and Wages Payable 145 Service Revenue 1,450 Software 670 Supplies Expense 119 1 a Prepare an adjusted trial balance at June 30, 2013 (Enter your answers in millions ) 1 b Is the Retained Earnings balance of $476 the amount that would be reported on the balance sheet as of June 30, 2013 Yes No 2 Prepare the closing entry required at June 30, 2013 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field )

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[The following information applies to the questions displayed below.] Edwards Corporation operates hair salons under various brand names. The following is a simplified list of

[The following information applies to the questions displayed below.]

Edwards Corporation operates hair salons under various brand names. The following is a simplified list of accounts and amounts (in millions) reported in the companys accounts for the year ended June 30, 2013.


Accounts Payable	$	76
Accounts Receivable		80
Accumulated Amortization		16
Accumulated DepreciationEquipment		69
Amortization Expense		8
Cash		155
Common Stock		260
Depreciation Expense		71
Equipment		510
Income Tax Expense		8
Interest Expense		16
Inventories		163
Note Payable (long-term)		162
Note Payable (short-term)		148
Office Expenses		119
Prepaid Rent		53
Rent Expense		210
Retained Earnings		476
Salaries and Wages Expense		620
Salaries and Wages Payable		145
Service Revenue		1,450
Software		670
Supplies Expense		119

1-a.

Prepare an adjusted trial balance at June 30, 2013. (Enter your answers in millions.)

1-b.

Is the Retained Earnings balance of $476 the amount that would be reported on the balance sheet as of June 30, 2013?

	Yes
	No

Prepare the closing entry required at June 30, 2013. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)