Question: The trial balance of Beads and Bangles at December 31
The trial balance of Beads and Bangles at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400, Interest Revenue $5,000, Freight-Out $1,800, Utilities Expense $7,700, and Salaries and Wages Expense $19,500. Prepare the closing entries for Beads and Bangles for these accounts.
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