The adjusted trial balance for Bere Company is given below.

The adjusted trial balance for Bere Company is given below.

BERE COMPANY Trial Balance August 31, 2014
		Before Adjustment				After Adjustment
		Dr.		Cr.		Dr.		Cr.
Cash		$11,500				$11,500
Accounts Receivable		8,100				8,830
Supplies		3,000				1,270
Prepaid Insurance		4,300				2,830
Equipment		15,000				15,000
Accumulated Depreciation—Equipment				$ 3,000				$ 4,200
Accounts Payable				5,140				5,140
Salaries and Wages Payable				0				1,000
Unearned Rent Revenue				2,130				1,270
Common Stock				20,000				20,000
Retained Earnings				5,200				5,200
Dividends		2,900				2,900
Service Revenue				32,000				32,730
Rent Revenue				13,300				14,160
Salaries and Wages Expense		16,700				17,700
Supplies Expense		0				1,730
Rent Expense		19,270				19,270
Insurance Expense		0				1,470
Depreciation Expense		0				1,200
		$80,770		$80,770		$83,700		$83,700

Prepare the closing entries for the temporary accounts at August 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
(To close revenue accounts)
(To close expense accounts)
(To close income / (loss))
(To close dividends)

Laker Incorporated’s fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of December 31.

Laker Incorporated’s fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of December 31.

    

Accounts	Debit			Credit
Cash	$	10,800
Supplies		33,000
Prepaid Rent		24,000
Accounts Payable				$	1,800
Notes Payable					18,000
Common Stock					34,000
Retained Earnings					7,800
Dividends		2,800
Service Revenue					55,200
Salaries Expense		18,800
Advertising Expense		11,800
Rent Expense		8,800
Utilities Expense		6,800
Totals	$	116,800		$	116,800

    

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

			7,800
			55,200
	46,200
	2,800
			14,000