The following selected transactions took place during the current year for a company: 
(a) Prepare the journal entries for these transactions.
(b) If Retained Earnings had a $75,000 credit balance on January 1, calculate its year-end
balance as of December 31.
Definitions:
Cycle Times
The total time from the beginning to the end of a process, procedure, or activity, often used as a measure of efficiency in manufacturing and project management.
Engineering Efficiency
The optimization of processes, systems, or designs to maximize output, performance, or functionality while minimizing waste, cost, and inefficiencies.
New Product Time
The period involved in developing and launching a new product to the market.
Learning
A change in behavior that results from experience.
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