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Seminoles Corporation's fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as of December 31.
Accounts: Debit Credit
Retained Earnings: $30,000
Dividends: $3,000
Service Revenue: 50,000
Interest Revenue: 6,000
Salaries Expense: 15,000
Rent Expense: 3,000
Advertising Expense: 6,000
Depreciation Expense: 11,000
Interest Expense: 5,000
Prepare the necessary closing entries.
Calculate the ending balance of Retained Earnings.
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