Question: Below is a list of accounts with corresponding ending balances. (1) Prepare all entries necessary to close those accounts that should be closed at the

Below is a list of accounts with corresponding ending balances.

(1) Prepare all entries necessary to close those accounts that should be closed at the end of the year.
(2) Compute the ending balance in the retained earningsaccount.

Account Account Balance Account Account Balance a. Inventory b. Dividends c. Sales Revenue d. Wages Expense e. Cash $1,800 900 7,900 5,100 1,900 f. Cost of Goods Sold 3,200 800 g. Rent Revenue h. Retained Earnings beginning) 1,300

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