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Sparrow Centre Ltd (SCL) reported the following data at March 31, 2020, with amounts in...

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Accounting

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Sparrow Centre Ltd (SCL) reported the following data at March 31, 2020, with amounts in thousands: Eit (Click the icon to view the account balances.) 1. Make the company's closing entries at March 31, 2020. 2. A T-account for Retained Eamings has been opened for you. Post to that account. 3. Compare the Retained Earnings' ending balance to the amount reported on SCL's statement of retained earnings and balance sheet. What do you find? Why is it important? 1. Make the company's closing entries at March 31, 2020 Begin by migking the closing entry for revenues at March 31, 2020. (Record debits first, then credits. Explanations are not required.) Data table

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