- X Requirements 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Whiteglove's closing entries at January 31, 2018. 2. AT-account for Retained Earnings has been set up for you. Post to that account. Then calculate Whiteglove's net income for the year ended January 31, 2018. What is the ending balance of Retained Earnings? 3. Did Retained Earnings increase or decrease during the year? What caused the increase or the decrease? Print Done - X Data table $ GA $ 200 15,500 13,900 5,400 Accounts payable Accounts receivable Accumulated depreciation, equipment Advertising expense Cash Common stock Current portion of long-term note payable Depreciation expense-equipment Dividends declared Equipment 12,600 Interest expense 17,000 Note payable, long term Other assets, long-term 6,700 Prepaid expenses 11,200 Retained earings, 17,900 January 31, 2017 7,900 Salary expense Salary payable 1,500 Service revenue 1,300 Supplies 11,500 Supplies expense 42,400 Unearned service revenue 13,100 26,500 2.700 92,500 3,700 4,100 2,600 Print Done Requirement 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize W Record the closing entries for Whiteglove at January 31, 2018. Begin by closing the revenue account Journal Entry Accounts Date Debit Credit (1) Jan 31 Next close the expense accounts. Journal Entry Date Accounts Debit Credit (2) Jan 31 Now close the dividends account Journal Entry Accounts Date Debit Credit (3) Jan 31 Requirement 2. A T-account for Retained Earnings has been set up for you. Post to that account. Then calculate Whiteglove's net income for the year ended Ja Post the beginning balance and doning entries to retained Earnings in the T-account by selecting the respective posting references and then entering the corre Retained Earnings dividends exceeded the beginning balance of retained earnings net income exceeded dividends revenues exceeded dividends The net income for 2018 was $ Requirement 3. Did Retained Earnings increase or decreased Retained Earnings during 2018 because Requirement 2. AT-account for Retained Earnings has been set up for you. Post to that account. Then calculate Whiteglove's net income for the year ended Post the beginning balance and closing entries to Retained Earnings in the Taccount by selecting the respective posting references and then entering the corte Retained Earnings The net income for 2018 was s Requirement 3. Did Retained Eamings increase or decrease during the year? What caused the increase or decrease? Retained Earnings during 2018 because