The accounts of Mountain Lodge Service, Inc., at March 31, 2012, are listed in alphabetical order.

Requirements
1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Mountain Lodge€™s closing entries at March 31, 2012.
2. Set up a T-account for Retained Earnings and post to that account. Then compute Mountain Lodge€™s net income for the year ended March 31, 2012. What is the ending balance of Retained Earnings?
3. Did Retained Earnings increase or decrease during the year? What caused the increase or thedecrease?

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Accounts payable Accounts receivable... Accumulated depreciation- $14,100 Interest expense 300 Note payable, long term.. 5,700 ts receivable... 16,600 5,000 equipment Advertising expense.000 Common stock Current portion of note Depreciation expense... 1,000 Retained earnings, ...19,500 17,900 2,500 400 Service revenue... 94,100 3,700 5,000 42,500 Unearned service revenue3,700 7,500 10,00 Salary expense March 31, 2011.... Salary payable.. Supp Dividends 32,500 Supplies expense