Oulette Publishing Company has the following selected account balances at

Price: $2.99


Oulette Publishing Company has the following selected account balances at
June 30, 2012.

Inventory $ 112,000
Common stock, no par with $0.50
Machinery and equipment 108,000
stated value, 900 shares
Dividends 8,000
authorized and issued $ 450
Depreciation expense 9,000
Accumulated depreciation 61,000
Rent expense 19,000
Salary expense 85,000
Utilities expense 5,000
Retained earnings, June 30, 2011 114,000
Cost of goods sold 81,000
Sales revenue 240,000

Requirements

1. Journalize all required closing entries for the year.

2. Calculate the balance in Retained earnings at June 30, 2012. Use a T-account to show your calculations.