Regis Corporation operates hair salons under various brand names including Supercuts, Mia & Maxx, and Style America. Assume the following is a simplified list of accounts and amounts (in millions) reported in the company's accounts for the year ended June 30, 2014.

Required
1. Prepare an adjusted trial balance at June 30, 2014. Is the Retained Earnings balance of $644,000,000 the amount that would be reported on the balance sheet as of June 30, 2014?
2. Prepare the closing entry required at June 30, 2014.
3. Prepare a post-closing trial balance at June 30, 2014.

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Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Cash Contributed Copital Cost of Operations Depreciation Expense General and Administrative Expenses Income Tax Expense Interest Expense Inventories Long-Term Liabilities Cther Current Assets Cther Long-Lived Assets Property, Plant, and Equipment Retained Earnings Rent Expense 2$ 70 38 %2$ 54 36 208 586 128 247 212 982 67 1,309 1,068 1,690 644 406 2,739 131 337 Salon Revenue