QUESTION 1 The adjusted trial balance for Jackson Corp at December 31, 2021, is presented below: Debit Credit Cash 21,000 Accounts receivable 150,000 Prepaid rent 5,000 Inventory 50,000 Equipment 600,000 Accumulated depreciation-equipment 250,000 Accounts payable 60,000 Notes payable-due in three months 60,000 Salaries payable 8,000 Interest payable 2,000 Common stock 400,000 Retained earnings 100,000 Sales revenue 800,000 Costs of goods sold 360,000 Salaries expense 240,000 Rent expense 30,000 Depreciation expense 60,000 Interest expense 4,000 Advertising expense 5,000 Totals 1,680,000 1.680,000 Prepare the closing entries for Jackson Corp for the year ended December 31, 2021