Question: (2 points) A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $10,000. During the year, Sales Revenue

(2 points) A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $10,000. During the year, Sales Revenue amounted to $150,000, Cost of Goods Sold was $100,000, and all other expenses totaled $20,000. The company declared and paid $10,000 as dividends. Required: Prepare closing journal entries to close out Revenue, Expenses, Income Summary and Dividend? Calculate the ending balance of Retained Earnings, show your calculation?

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