Seminoles Corporations fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as

Seminoles Corporation’s fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as of December 31.

Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of RetainedEarnings.

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Debit Credit Accounts Retained Eamings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense S20,000 S3,200 48,500 11,500 15,900 3.600 8,700 12,600 5,000