Closing entries [5-10 min]The data for Amanda’s Tax Service, Inc., for the year ended Augu...

Closing entries [5-10 min]

The data for Amanda’s Tax Service, Inc., for the year ended August 31, 2012, follow:

Requirements

1. Journalize the required closing entries for the year.

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2. What is the balance in Retained earnings after the closing entries are posted?