The following information was summarized from the adjusted trial balance of Reliance Yacht Repair,Inc.as of September 30,2015,the end of the company's fiscal year.
Required:
Part a.Prepare the closing entry for the company for the year ended September 30,2015.
Part b.Draw a T-account for the Retained Earnings account.Enter the beginning balance into the T-account,post the closing entry,and then determine the ending balance.
Part c.Prepare a post-closing trial balance at September 30,2015.
Definitions:
Teamwork Skills
Abilities that enable an individual to work effectively and collaboratively within a team environment.
Behavioural Skills
Personal attributes and specific behaviors that enable individuals to communicate effectively, collaborate, and successfully manage themselves and others.
Performance Outcomes
The results or achievements of an individual's or group's work, measured against goals or standards.
Affective Outcomes
Emotional responses or attitudes that result from participating in a learning or training program, which can influence motivation and engagement.
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