Problem 2 Closing Entries: From the adjusted trial balance for Fox Products Company given below, prepare the necessary closing entries?

Problem 2 - Closing Entries: From the adjusted trial balance for Fox Products Company given below, prepare the necessary closing entries. Cash Accounts receivable Merchandise inventory Fox Products Company Adjusted Trial Balance December 31 Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation-office equipment Accounts payable Notes payable P. Card, Capital P. Card, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Depreciation expense-store equipment Depreciation expense-office equipment Office supplies expense Interest expense Totals Debit $ 19,400 25,000 26,000 1,900 84,000 40,000 28,000 6,000 16,500 145,000 32,500 11,000 7,500 1,300 600 $ 444,700 Credit $ 22,000 15,000 12,000 40,000 110,700 245,000 $ 444,700