Presented below is an adjusted trial balance for Shawn Company, at December 31, 2018. 
Instructions
(a) Prepare closing entries for December 31, 2018.
(b) Determine the balance in the Retained Earnings account after the entries have been posted.
Definitions:
Required Reserve Ratio
The fraction of deposits that banks are required to keep on hand and not lend out, as set by the central bank.
Discount Rate
The interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility.
Required Reserve Ratio
The fraction of deposits that a bank is required by regulation to hold in reserve, either in its own vaults or with a central bank, and not lend out.
Money Supply
The sum of physical currency, demand deposits, savings, and other liquid assets in a country's economy.
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