Concord Company had the following account balances at year-end: Cost of Goods Sold $61,510, Inventory $15,140, Utilities Expense $32,040, Sales Revenue $126,180, Sales Discounts $1,500, and Sales Returns and Allowances $1,940. A physical count of inventory determines that merchandise inventory on hand is $12,750. They use the perpetual inventory system.

Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to close accounts with credit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with credit balances	enter a debit amount	enter a credit amount
(To close accounts with credit balances)
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
(To close accounts with debit balances)
enter an account title to close net income or loss	enter a debit amount	enter a credit amount
enter an account title to close net income or loss	enter a debit amount	enter a credit amount
(To close net income / (loss))

LIST OF ACCOUNTS:

• Accounts Payable
• Accounts Receivable
• Accumulated Depreciation-Buildings
• Accumulated Depreciation-Equipment
• Advertising Expense
• Buildings
• Cash
• Casuality Loss from Vandalism
• Cost of Goods Sold
• Depreciation Expense
• Dividend Revenue
• Equipment
• Freight-In
• Freight-Out
• Income Summary
• Insurance Expense
• Interest Expense
• Interest Payable
• Interest Revenue
• Inventory
• Land
• Loss on Disposal of Plant Assets
• Maintenance and Repairs Expense
• Notes Payable
• Operating Expenses
• Owner's Capital
• Owner's Drawings
• Prepaid Insurance
• Property Tax Expense
• Property Taxes Payable
• Purchase Discounts
• Purchase Returns and Allowances
• Purchases
• Rent Expense
• Salaries and Wages Expense
• Salaries and Wages Payable
• Sales Commissions Expense
• Sales Commissions Payable
• Sales Discounts
• Sales Returns and Allowances
• Sales Revenue
• Supplies
• Supplies Expense
• Unearned Service Revenue
• Utilities Expense