Exercise 2-12 (Algo) Financial statements and closing entries [LO2-7, 2-8] The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 49,200 Accounts receivable 295,000 Prepaid rent 9,500 Inventory 44,000 Office equipment 540,000 Accumulated depreciation 226,000 Accounts payable 58,000 Notes payable (due in six months) 42,000 Salaries payable 6,900 Interest payable 1,400 Common stock 400,000 Sales revenue Retained earnings Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 120,000 690,000 414,000 103,500 28,500 54,000 2,800 3,800 1,544,300 1,544,300 < Prev 7 of 9 Next >