Rocky RV Center’s accounting records include the following accounts at December 31, 2024.

Requirements 

1. Journalize the required closing entries for Rocky.
2. Determine the ending balance in the Retained Earnings account.

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Cost of Goods Sold Accounts Payable Rent Expense Building Common Stock Retained Earnings Merchandise Inventory Estimated Returns Inventory Notes Receivable $ 372,000 Accumulated Depreciation-Building $ 38,000 12,000 Cash 47,000 25,700 Sales Revenue 636,500 113,000 Depreciation Expense Building 13,000 115,000 Dividends 58,000 83,100 Interest Revenue 12,000 238,000 Refunds Payable 4,000 1,600 Sales Discounts Forfeited 2,000 34,000 Delivery Expense 300