ACC 101 Lab - Spring 2021 Name: Lab Assignment #4 Multiple Choice (1.5 points each) Use American Eagle Outfitters, Inc.'s adjusted trial balance to answer the next two questions. It was prepared BEFORE closing entries. All amounts are in millions of dollars. American Eagle Outfitters' fiscal year closes on the Saturday nearest January 31. AMERICAN EAGLE OUTFITTERS Adjusted Trial Balance January 30, 2021 Credits Debits 1,523 624 1.288 858 1,490 665 654 23 Cash and other current assets Property, plant and equipment, net Goodwill and other long-term assets Accounts payable and other current liabilities Long-term liabilities Common stock Retained earnings Dividends Net sales Interest revenue Cost of sales Selling, general and administrative expenses Depreciation and amortization expenses Interest expense Income tax expense Totals 3,759 4 2.611 1,094 159 25 83 $ 7,430 S 7,430 1. American Eagle Outfitters' journal entry to close the revenue and expense accounts includes a: a. Debit to Retained earnings for $654 million b. Credit to Interest revenue for $4 million C. Credit to Cost of sales for $2,611 million. d. Credit to Retained earnings for $209 million. 2. The Retained Earnings balance shown on American Eagle Outfitters' January 30, 2021 Balance Sheet (1.e., ENDING Retained Earnings) is a. $840 million b. $654 million c. $445 million d. $422 million