Xmet Inc. showed the following alphabetized list of adjusted account balances at December 31, 2014:

Accounts Payable	26,160
Accounts Receivable	39,600
Accumulated depreciation, Equipment	10,840
Accumulated depreciation, Warehouse	21,680
Cash	8,800
Cash Dividends	20,000
Common Shares	116,000
Equipment	78,800
Income Tax Expense	41,000
Land	121,600
Notes Payable, due in 2017	34,000
Operating Expenses	109,600
Preferred Shares	39,600
Retained Earnings	28,120
Revenue	275,800
Warehouse	132,800

Required:

1.	Assuming normal balances, prepare the closing entries at December 31, 2014, the companys year end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

1. Record the closing of the revenue account to the income summary.

2. Record the closing of the expenses accounts to the income summary

3. Record the closing of the income summar to retained earnings.

4. Close the cash dividends account assuming Retained Earnings was not debited directly when dividends were declared.

Date	General Journal	Debit	Credit
December 31, 2014

2.	Calculate the post-closing balance in Retained Earnings at December 31, 2014. (Amounts to be deducted should be indicated by a minus sign.)

Post-Closing Balance in Retained Earnings:
Retained Earnings, December 31, 2013
Retained Earnings, December 31, 2014