Eagle Centre Ltd. (ECL) reported the following data at March 31, 2020, with amounts in thousands: B (Click the icon to view the account balances.) 1. 2. 3. Make the company's closing entries at March 31, 2020. A T-account for Retained Eamings has been opened for you. Post to that account. Compare the Retained Earnings' ending balance to the amount reported on ECL's statement of retained earnings and balance sheet. What do you find? Why is it important? 1. Make the company's closing entries at March 31, 2020. Begin by making the closing entry for revenues at March 31, 2020. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Mar. 31 Now make the closing entry for expenses at March 31, 2020. Journal Entry Date Accounts Debit Credit Mar. 31 Choose from any list or enter any number in the input fields and then continue to the next question. Eagle Centre Ltd. (ECL) reported the following data at March 31, 2020, with amounts in thousands: B (Click the icon to view the account balances.) 1. 2. 3. Make the company's closing entries at March 31, 2020. A T-account for Retained Eamings has been opened for you. Post to that account. Compare the Retained Earnings' ending balance to the amount reported on ECL's statement of retained earnings and balance sheet What do you find? Why is it important? Journal Entry Date Accounts Debit Credit Mar. 31 2. Set up a T-account for Retained Earnings and post to that account. Record the beginning balance, post the closing entries, and calculate the ending balance of the Retained Earnings T-account. (Leave unused cells blank.) Retained Earnings V with the 3. Compare the Retained Earnings' ending balance to the amount reported on ECL's statement of retained earnings and balance sheet. What do you find? Why is it important? The Retained Earnings ending balance as calculated through the above T-account with the amounts reported on the statement of retained eamings and the balance sheet. It is important that this balance amounts reported to as recorded in the post-closing trial balance. Choose from any list or enter any number in the input fields and then continue to the next question. MacBook Air 31, 2020. pened for you ce to the amo Data Table - X brtant? Debit Retained earnings, March 31, 2019 $ $ 126,000 Accounts receivable 600 1,100 Cost of goods sold 28,400 Cash 180,000 Property and equipment, net 55,100 Share capital Net revenues 7,400 Total current liabilities 24,500 that account All other expenses 48,000 Inventories 38,000 Earnings T-account. (Lea Other current assets 5,100 Long-term liabilities 13,800 Other assets 21,000 Dividends 0 The financial statements show the Retained Earnings ending balance at March 31, 2020, as $7,100 e amount rep Print Done ough the abol Je sheet. It is important th as recorded in the post-closing trial balance