Lakeside RV Center’s accounting records include the following accounts at December 31, 2025. All accounts have normal balances. 

Requirements 

1. Journalize the required closing entries for Lakeside RV Center. 

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

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Cost of Goods Sold Accounts Payable Rent Expense Building Common Stock Retained Earnings Merchandise Inventory Sales Returns and Allowances Notes Receivable $368,000 Accumulated Depreciation-Building $ 40,000 20,000 Cash 54,000 23,000 Sales Revenue 710,000 115,000 Depreciation Expense-Building 16,000 132,000 Dividends 55,000 46,400 Sales Discounts 6,000 238,400 Interest Revenue 4,000 40,000 37,000