This Question: 17 pts 1 of 9 (0 complete) Vulture Centre Ltd. (VCL) reported the following data at March 31, 2020, with amounts in thousands (Click the icon to view the account balances.) 1. Make the company's closing entries at March 31, 2020. 2. AT-account for Retained Earnings has been opened for you. Post to that account 3. Compare the retained Earnings ending balance to the amount reported on VCL's statement of retained earnings and balance sheet. What do you find? Why is it important? 1. Make the company's closing entries at March 31, 2020 Begin by making the closing entry for revenues at March 31, 2020. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Data Table Mar - X 31 Now make the closing entry for expenses at March 31, 2020 Joumal Entry Date Accounts Mar 31 Retained earrings March 31, 2019 5 1,500 Cost of goods sold 5 128,000 Accounts receivable 28,300 Cash 900 Net revenues 189,000 Property and equipment, net 7.200 Total current abrities 51,700 Share capital 23 500 All other expenses 44,000 inventorios 38.000 Other current assets 5,000 Long-term liabilities 15.700 Other assets 30,000 Dividends 0 The financial statements show the Retained Earnings ending balance at March 31, 2020, as $18.500 Debit Credit Choose from any list or enter any number in the input fields and then continue to the nd Print Done Type here to search O