The adjusted trial balance for Tara Marie Company at December 31, 2024 is presented below: Debit...

 

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The adjusted trial balance for Tara Marie Company at December 31, 2024 is presented below: Debit Credit Cash Accounts receivable Prepaid rent $10,500 150,000 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation-equipment Accounts payable Notes payable-due in three months Salaries payable $125,000 30,000 30,000 4,000 Interest payable 9,000 Common stock 200,000 Retained earnings 50,000 Dividends 8,000 Sales revenue 400,000 Costs of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Advertising expense 2,500 Totals $848,000 $848,000 Required: Prepare the closing entries for the year ending December 31, 2024. The adjusted trial balance for Tara Marie Company at December 31, 2024 is presented below: Debit Credit Cash Accounts receivable Prepaid rent $10,500 150,000 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation-equipment Accounts payable Notes payable-due in three months Salaries payable $125,000 30,000 30,000 4,000 Interest payable 9,000 Common stock 200,000 Retained earnings 50,000 Dividends 8,000 Sales revenue 400,000 Costs of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Advertising expense 2,500 Totals $848,000 $848,000 Required: Prepare the closing entries for the year ending December 31, 2024.