Assuming each account has a normal balance, prepare Smiles year-end closing journal entries, omitting explanations.

Below is an alphabetical list of the fiscal 2018 adjusted account balances of Smile Company.

Accounts Payable 11,000 Furniture and Fixtures 101,000

Accounts Receivable 36,000 Interest Expense 1,000

Accumulated Depreciation 67,000 Inventory 45,000

Additional Paid-In Capital 32,000 Land 60,000

Advertising Expense 4,000 Note Payable 19,000

Allowance for Doubtful Accounts 6,000 Payroll Taxes Payable 3,000

Bad Debt Expense 5,000 Prepaid Advertising 7,000

Cash 49,000 Retained Earnings 70,000

Common Stock 25,000 Salaries and Wages Expense 99,000

Cost of Goods Sold 278,000 Salaries and Wages Payable 16,000

Depreciation Expense 15,000 Sales Discounts 18,000

Discount on Note Payable 2,000 Sales Revenue 400,000

Dividends 9,000 Service Revenue 220,000

Equipment 125,000 Unearned Service Revenue 10,000