The accounts of Spa View Service, Inc., at January 31, 2016, are listed in alphabetical order. Requirements

Question:

The accounts of Spa View Service, Inc., at January 31, 2016, are listed in alphabetical order.
The accounts of Spa View Service, Inc., at January 31,

Requirements
1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Spa View's closing entries at January 31, 2016.
2. Set up a T-account for Retained Earnings and post to that account. Then compute Spa View's net income for the year ended January 31, 2016. What is the ending balance of Retained Earnings?
3. Did Retained Earnings increase or decrease during the 2016 fiscal year? What caused the increase or decrease?

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Related Book For  answer-question

Financial Accounting

ISBN: 978-0134127620

11th edition

Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz

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