The accounts of For You eTravel Inc. at December 31, 2020, are listed in alphabetical order.

Requirements
1. All adjustments have been journalized and posted, but the closing entries have not been made. Journalize For You eTravel Inc.'s closing entries at December 31, 2020.
2. Set up a T-account for Retained Earnings and post to that account. Compute For You's net income for the year ended December 31, 2020. What is the ending balance of Retained Earnings?
3. Did Retained Earnings increase or decrease during the year? What caused the increase or the decrease?

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Accounts payable Accounts receivable Advertising expense $ 5,100 Other assets cogerber ) anaberit 3,600 6,600 Retained earnings Accumulated depreciation-furniture. 11,600 December 31, 2019 5,300 2,200 Salary expe::se 24,600 Cash Depreciation expense 7,300 Salary payable 1,300 Service revenue 3,900 93,500 Dividends Furniture... Interest expense 47,400 Share capital 15,000 41,400 Supplies 7,700 800 Supplies expense 5,700 Note payable, long term $10,600 Unearned service revenue 3,600