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:
Highly Self-Controlled
Refers to an individual's ability to regulate their emotions, thoughts, and behaviors in order to achieve long-term goals.
Type B Personalities
Describes individuals who are generally laid-back, less stressed, and more adaptable to change.
Religiously Active
Participation in religious activities or practices with consistency and dedication.
Social Connections
The relationships and interactions between individuals in various social contexts, including friendships, family, work, and community ties.
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