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. 31Sales245,000?
?Income Summary?245,000
Dec. 31Income Summary220,400?
?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. 31Income Summary24,600?
?Retained earnings?24,600
Dec. 31Retained earnings28,000?
?Dividends?28,000

Business

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