Exercise 2: The adjusted trial balance of Dailey Music Company appears below, prepare closing entries. DAILEY MUSIC COMPANY Adjusted Trial Balance For the Month Ended April 30 Cash $ 12,000 Inventory 21,000 Supplies 3,500 Equipment 80,000 Accumulated Depreciation-Equipment 15,000 Accounts Payable 20,000 Dailey, Capital 92,000 Dailey, Withdrawal 7,000 Sales 44,000 Sales Discounts 2,000 Cost of Goods Sold 28,000 Advertising Expense 7,000 Supplies Expense 6,000 Depreciation Expense 1,000 Rent Expense 2,500 Utilities Expense 1,000 Total 171,000 171,000 Date Account Title Ref. Debit Credit 1