Seminoles Corporation’s fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as of December 31.

Seminoles Corporation’s fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as of December 31.

     

Accounts	Debit			Credit
Retained Earnings				$	25,000
Dividends	$	2,500
Service Revenue					45,000
Interest Revenue					5,500
Salaries Expense		14,500
Rent Expense		5,500
Advertising Expense		2,500
Depreciation Expense		10,500
Interest Expense		4,500

     

Required:

1.	Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2.	Calculate the ending balance of Retained Earnings.

Explanation:

Retained Earnings

			25,000
			50,500
	37,500
	2,500
			35,500