Use the Uptown Sporting Goods Company data in Short Exercise 3-15 to make the companys closing entries

Use the Uptown Sporting Goods Company data in Short Exercise 3-15 to make the company’s closing entries at July 31, 2014. Ten set up a T-account for Retained Earnings and post to that account. Compare Retained Earnings’ ending balance to the amount reported on Uptown’s statement of retained earnings and balance sheet. What do you find?

In Short Exercise 3-15, Suppose Uptown Sporting Goods Company reported the following data at July 31, 2014, with amounts inthousands:

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Retained carnings, July 31, 20136,500 Cost of goods sold. Accounts receivable Net revenues180,500 Property and cquipment, net... $136,000 26,700 19,800 22,500 35,000 7,500 0 28,000 Cash.... All other expenses Other current asscts 29,600 Inventorics... 5,000 Long-term liabilitics