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Presented below are selected account balances for XYZ Corporation as of December 31, 2021.
Inventory 12/31/21 - $65,000
Cost of Goods Sold - $230,000
Sales Revenue - 450,000
Selling Expenses - 26,000
Interest Revenue - 10,000
Administrative Expenses - 28,000
Dividends - 20,000
Income Tax Expense - 20,000
Common Stock - 70,000
Retained Earnings - 48,000
Rent Revenue - 13,000
Allowance for Doubtful Accounts - 11,000
Accounts Receivables - 88,000
Rent Expense - 16,000
Instructions: Prepare the necessary closing entries for XYZ Corporation on December 31, 2021.
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