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 $155,000 credit balance on January 1,calculate its year-end balance as of December 31.

Retained Earnings

The portion of net income that is retained by the company rather than distributed to its owners as dividends.

Journal Entries

The recordings of financial transactions in a ledger, marking the first step in the accounting cycle.

Year-End Balance

The financial position of an account at the end of the fiscal year after all debits and credits are taken into account.