At December 31, Year 1, the records of Jefferson Corporation included the following adjusted account balances. (Note: This is an incomplete listing of the company's adjusted account balances.) 
Required:a) Prepare the necessary closing entries in general journal format.
b) Assuming the balance of retained earnings prior to closing was $6,400, determine the post-closing balance of this account.
What will be an ideal response?
a)
b) $7,000
b) Post-closing retained earnings balance = Pre-close balance of $6,400 + Revenues of $24,000 ? Expenses of $23,400 (or $1,400 + $2,000 + $10,000 + $6,000) ? Dividends of $4,000 = $7,000
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