Presented below are the balances from Elsie’s Electronics Ltd.’s general ledger as at September 30, 2024:

Required 

a. Prepare the necessary closing entries for Elsie’s Electronics at September 30. 

b. Determine the closing Retained Earnings account balance.

Cash Accounts receivable Inventory Equipment Accumulated depreciation, equipment Accounts payable Bank loan payable Deferred revenue Common shares Retained earnings Dividends declared Sales revenue Interest revenue Cost of goods sold Wages expense Rent expense Depreciation expense DR 28,000 35,000 65,000 331,000 18,000 316,000 70,000 26,000 43,000 CR 150,000 120,000 70,000 22,000 10,000 70,000 488,000 2,000