The income statement for Regina Cleaning Services Ltd. for the year ended November 30 shows Service Revenue $126,000; Salaries Expense $65,000; Repairs and Maintenance Expense $15,000; Supplies Expense $6,000; Utilities Expense $2,000; and Income Tax Expense $5,700. The statement of changes in equity shows an opening balance for Retained Earnings of $50,000 and Dividends Declared $5,000.

(a) Calculate the net income or loss for the year.

(b) Prepare the closing journal entries.

(c) Using T accounts, post the closing entries, and determine the ending balances.

Identify post-closing trial balance accounts.