Regis Corporation operates hair salons under various brand names including Supercuts, Mia & Maxx, and Style America. The following is a simplified list of accounts and amounts (in millions) reported in the company's accounts for the year ended June 30, 2010.
Required:
1. Prepare an adjusted trial balance at June 30, 2010. Is the Retained Earnings balance of $297 the amount that would be reported on the balance sheet as of June 30, 2010?
2. Prepare the closing entry required at June 30, 2010.
3. Prepare a post-closing trial balance at June 30, 2010.

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Accounts Payable Accounts Receivable Accrued Liabilitie Accumulated Depreciation Cash Contributed Capital Cost of Operations Depreciation Expense General and 54 24 156 632 152 335 1,280 109 Income Tax Expense Interest Expense Inventories Long-term Liabilities Other Current Assets Other Noncurrent Assets Property, Plant, and Equipment Retained Earnings Rent Expense Service Revenue $ 26 54 153 843 107 1,152 983 297 344 2,358 Administrative Expenses 291