D & T Printing Supplies’ accounting records include the following accounts at December 31, 2024

Requirements 1. Journalize the required closing entries for D & T Printing Supplies assuming that D & T uses the periodic inventory system.
2. Determine the ending balance in the Retained Earnings account

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Purchases Accounts Payable Rent Expense Building Common Stock Retained Earnings Merchandise Inventory, Beginning Notes Payable Purchase Discounts $ 187,900 Accumulated Depreciation Building $ 18,000 7,900 Cash 21,200 8,000 Sales Revenue 297,100 40,900 Depreciation Expense-Building 42,000 Dividends 8,100 Interest Expense 117,000 Merchandise Inventory, Ending 10,700 Purchase Returns and Allowances 3,000 Freight In 4,800 27,200 1,000 103,500 21,900 700