Requirements

1. Using the following selected accounts of McGinty Electrical, Inc., at June 30, 2016, prepare the entity's closing entries:

2. What is McGinty Electrical's ending Retained Earnings balance at June 30, 2016?

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Accounts Receivable. Retained Earnings. Salaries Payable. Depreciation Expense. Rent Expense $ 7,000 Common Stock Service Revenue Unearned Revenues. Salaries Expense Accumulated Depreciation. Supplies Expense. Interest Revenue Interest Expense $15,000 118,000 5,400 600 3,900 5,700 16,000 2,400 25,475 30,700 1,600 Dividends. Supplies. 400 2,750 1,600