Closing entries
The data for Amanda’s Tax Service, Inc., for the year ended August 31, 2012, follow:
| Cost of goods sold | $ 62,000 | Sales revenue | $ 125,000 |
| Dividends | 14,000 | Operating expenses | 44,000 |
| Interest revenue | 1,800 | Retained earnings | 24,000 |
Requirements
1.Journalize the required closing entries for the year.
2.What is the balance in Retained earnings after the closing entries are posted?
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