aid rent 800, merchandise inventory 30000

PART 1: CLOSING ENTRIES FOR A MERCHANDISER: 10 POINTS An adjusted trial balance for a merchandiser is given below. Debit Credit Cash $12,600 Accounts Receivable 2,400 Prepaid Rent 800 Merchandise Inventory 30,000 $4,200 Accounts Payable Salaries Payable 1,000 Tax Payable 800 10,000 Notes Payable Patel, Capital Patel, Withdrawals 3,800 1,000 Sales Revenue 96,000 Sales Discounts Forfeited 400 23,000 2,400 21,000 Cost of Goods Sold Insurance Expense Salaries Expense Rent Expense Selling Expense Supplies Expense Total 14,000 8,500 500 $116.200 $116.200 Journalize the closing entries as of December 31, 2018