From the adjusted trial balance for Fabricated Products Company given below, prepare the necessary closing entries.Fabricated Products CompanyAdjusted Trial BalanceDecember 31?DebitCreditCash$19,400?Accounts receivable25,000?Merchandise inventory26,000?Office supplies1,900?Store equipment84,000?Accumulated depreciation-store equipment?$22,000Office equipment40,000?Accumulated depreciation-office equipment?15,000Accounts payable?12,000Notes payable?40,000Common stock?20,000Retained earnings?90,700Dividends28,000?Sales?245,000Sales discounts6,000?Sales returns and allowances16,500?Cost of goods sold145,000?Sales salaries expense32,500?Depreciation expense-store equipment11,000?Depreciation expense-office equipment7,500?Office supplies
expense1,300?Interest expense600?Totals $444,700$444,700???
What will be an ideal response?
| Dec. 31 | Sales | 245,000 | ? |
| ? | Income Summary | ? | 245,000 |
| Dec. 31 | Income Summary | 220,400 | ? |
| ? | Sales discounts | ? | 6,000 |
| ? | Sales returns and allowances | ? | 16,500 |
| ? | Cost of goods sold | ? | 145,000 |
| ? | Sales salaries expense | ? | 32,500 |
| ? | Depreciation expense-store equipment | ? | 11,000 |
| ? | Depreciation expense-office equipment | ? | 7,500 |
| ? | Office supplies expense | ? | 1,300 |
| ? | Interest expense | ? | 600 |
| Dec. 31 | Income Summary | 24,600 | ? |
| ? | Retained earnings | ? | 24,600 |
| Dec. 31 | Retained earnings | 28,000 | ? |
| ? | Dividends | ? | 28,000 |
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