Rockwell RV Center’s accounting records include the following accounts at December 31, 2015.

Requirements

1. Journalize the required closing entries for Rockwell.

2. Determine the ending balance in the Retained Earnings account.

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Cost of Goods Sold $ 385,000 Accumulated Depreciation-Building $ 39,000 Accounts Payable 17,000 Cash 44,600 Rent Expense 21,000 Sales Revenue 696,000 Building 108,000 Depreciation Expense-Building 12,000 Common Stock 100,000 Dividends 61,000 Retained Earnings 108,800 Sales Discounts 9,000 Merchandise Inventory 261,000 Interest Revenue 5,000 Sales Returns and Allowances 39,200 Notes Receivable 26,600