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

Fox Products Company
Adjusted Trial Balance
December 31
	Debit	Credit
Cash	$ 19,400
Accounts receivable	25,000
Merchandise inventory	26,000
Office supplies	1,900
Store equipment	84,000
Accumulated depreciationstore equipment		$ 22,000
Office equipment	40,000
Accumulated depreciationoffice equipment		15,000
Accounts payable		12,000
Notes payable		40,000
P. Card, Capital		110,700
P. Card, Withdrawals	28,000
Sales		245,000
Sales discounts	6,000
Sales returns and allowances	16,500
Cost of goods sold	145,000
Sales salaries expense	32,500
Depreciation expensestore equipment	11,000
Depreciation expenseoffice equipment	7,500
Office supplies expense	1,300
Interest expense	600
Totals	$ 444,700	$ 444,700