Question

The accounts of Lazy River Service, Inc., at January 31, 2014, are listed in alphabetical order.


Requirements
1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Lazy River’s closing entries at January 31, 2014.
2. Set up a T-account for Retained Earnings and post to that account. Then compute Lazy River’s net income for the year ended January 31, 2014. What is the ending balance of Retained Earnings?
3. Did Retained Earnings increase or decrease during the 2014 fiscal year? What caused the increase ordecrease?


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  • CreatedJuly 25, 2014
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