Accounts payable. . . . . . . . . . . . . .

$14,000

Interest expense. . . . . . . . .

$400

Accounts receivable. . . . . . . . . . . . .

5,000

Note payable, long term. . . . .

15,400

Accumulated depreciation,

Other assets, long-term. . . . .

14,400

equipment. . . . . . . . . . . . . . .

7,000

Prepaid expenses. . . . . . . . . .

6,600

Advertising expense. . . . . . . . . . . . .

10,800

Retained earnings,

Cash. . . . . . . . . . . . . . . . . . . . . . .

26,000

January 31, 2017. . . .

13,600

Common stock. . . . . . . . . . . . . . . .

4,500

Salary expense. . . . . . . . . . .

26,300

Current portion of long-term. . . . . . .

Salary payable. . . . . . . . . . . .

2,300

note payable. . . . . . . . . . .

1,000

Service revenue. . . . . . . . . . .

96,000

Depreciation expenseequipment. .

2,100

Supplies. . . . . . . . . . . . . . . .

2,400

Dividends declared. . . . . . . . . . . . .

15,000

Supplies expense. . . . . . . . . .

4,500

Equipment. . . . . . . . . . . . . . . . .

43,000

Unearned service revenue. . .

2,700

Now close the dividends account. Journal Entry Date Accounts Debit Credit (3) Jan 31 Requirement 2. A T-account for Retained Earnings has been set up for you. Post to that account. Then calculate Valley's net income for the year ended January 31, 2018. What is the ending balance of Retained Earnings? Post the beginning balance and closing entries to Retained Earnings in the T-account by selecting the respective posting references and then entering the correct amounts. Determine the ending balance. Retained Earnings The net income for 2018 was $ Requirement 3. Did Retained Earnings increase or decrease during the year? What caused the increase or decrease? Retained Earnings V during 2018 because Choose from any list or enter any number in the input fields and then continue to the next question. ? The accounts of Valley Services, Inc., at January 31, 2018, are listed in alphabetical order. (Click the icon to view the accounts.) Read the requirements. Requirement 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Valley's closing entries at January 31, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the closing entries for Valley at January 31, 2018. Begin by closing the revenue account. Journal Entry Date Accounts Debit Credit (1) Jan 31 Next, close the expense accounts. Journal Entry Date Accounts Debit Credit (2) Jan 31 Now close the dividends account. Journal Entry Date Accounts Debit Credit (3) Jan 31