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Using the following trial balance, record closing entries for (1) a periodic inventory system and (2) a perpetual inventory system
(ending inventory is $30,000).
Cash 26,000
Accounts receivable 88,000
Supplies 9,000
Inventory 40,000
Equipment 250,000
Accumulated depreciation $ 100,000
Accounts payable 12,000
Salaries payable 14,000
Rent payable 5,000
Utilities payable 2,000
Unearned sales revenue 17,000
Common stock 120,000
Retained earnings 106,000
Dividends 11,000
Sales 449,000
Sales returns and allowances 4,000
Sales discounts 5,000
Purchases 105,000
Purchase returns and allowances 9,000
Purchase discounts 6,000
Rent expense 70,000
Salaries expense 150,000
Utilities expense 60,000
Depreciation expense 10,000
Income tax expense 12,000
DR 840,000
CR 840,000
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