Presented below are the balances from Elsie’s Electronics Ltd.’s general ledger as at September 30, 2020:

Required

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

b. Determine the closing Retained Earnings account balance.

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