Question

Use the Uptown Sporting Goods Company data in Short Exercise 3-15 to make the company’s closing entries at July 31, 2014. Ten set up a T-account for Retained Earnings and post to that account. Compare Retained Earnings’ ending balance to the amount reported on Uptown’s statement of retained earnings and balance sheet. What do you find?
In Short Exercise 3-15, Suppose Uptown Sporting Goods Company reported the following data at July 31, 2014, with amounts inthousands:


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  • CreatedJuly 25, 2014
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