3. The year-end adjusted trial balance of ABC Supply, Incorporated, for the current year is shown below. ABC SUPPLY INC. Adjusted Trial Balance December 31 Cash Office supplies Merchandise inventory Store equipment Accum. depr.-store equipment Accounts payable Common Stock Sales Cost of goods sold Depreciation expense-Store equipment Office Supplies expense Salaries expense Rent expense Debit Credit $1,500 500 11,000 18,000 $3,000 6,000 28,000 60,000 48,000 1,000 1,000 14,000 2.000 $97.000 $97.000 Required: Prepare closing entries at December 31 for the current year. Explanantion Debit Date Credit