Question: Refer to the adjusted trial balance of Tutors for Rent

Refer to the adjusted trial balance of Tutors for Rent, Inc., illustrated in Exercise 5.2 to respond to the following items:
Prepare all necessary closing entries at December 31, 2011.
Prepare an after-closing trial balance dated December 31, 2011.
Compare the Retained Earnings balance reported in the after-closing trial balance prepared in part b to the balance reported in the adjusted trial balance. Explain why the two balances are different. (Include in your explanation why the balance reported in the after-closing trial balance has increased or decreased subsequent to the closing process.)



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  • CreatedApril 17, 2014
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