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Account Name Debit Credit Dr . Inventory $ 9 , 7 5 0 , 0 0 0 Cr . Accounts Payable $ 9 , 7

Account Name Debit Credit
Dr. Inventory $ 9,750,000
Cr. Accounts Payable $ 9,750,000
Dr. Cash $ 63,000
Cr. Unearned Rent Revenue $ 63,000
Dr. Accounts Payable $ 9,750,000
Cr. Cash $ 9,555,000
Cr. Inventory $ 195,000
Dr. Prepaid Insurance $ 20,000
Cr. Cash $ 20,000
Dr. Inventory $ 12,134,000($12,125,000+ $9k shipping)
Cr. Accounts Payable $ 12,134,000
Dr. Cash $ 5,367,000
Cr. Sales Revenue $ 45,421,000
Dr. Accounts Receivable $ 40,054,000
Dr. Cost of Goods Sold $ 13,250,000
Cr. Inventory $ 13,250,000
Dr. Accounts Payable $ 12,134,000
Cr. Cash $ 12,134,000
Dr. Patents $ 90,000
Cr. Cash $ 90,000
Dr. Cash $ 650,620
Cr. Common Stock $ 10,460
Cr. Additional Paid-In Capital $ 640,160
Dr. Land $ 124,600
Cr. Cash $ 124,600
Dr. Notes Receivable $ 200,000
Cr. Cash $ 200,000
Dr. Accounts Receivable $ 20,000,000
Cr. Sales Revenue $ 20,000,000
Dr. Cost of Goods Sold $ 6,350,000
Cr. Inventory $ 6,350,000
Dr. Equipment $ 895,280
Cr. Cash $ 895,280
Dr. Cash $ 43,758,000
Cr. Accounts Receivable $ 43,758,000
Dr. Cash $ 10,000
Dr. Accumulated Depreciation (equipment) $ 38,000
Dr. Loss on Sale $ 7,000
Cr. Equipment $ 55,000
Dr. Income Tax Expense $ 2,000,000
Cr. Cash $ 2,000,000
Dr. Salary and Wages Expense $ 43,750
Cr. Cash $ 43,750
Dr. Bad Debt $ 3,000
Cr. Accounts Receivable $ 3,000
Dr. Cash Dividend $8,000
Cr. Cash $8,000
Based on the above journal entries, create closing journal entries please.

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