Financial Statements and Closing Entries Outdoors, Inc. publishes magazines for skiers and hikers. The firm has the following adjusted trial balance at December 31. OUTDOORS, INC. Adjusted Trial Balance December 31 Debit Credit Cash $7,560 Accounts Receivable 26,040 Supplies 5,880 Prepaid Insurance 1,302 Office Equipment 92,400 Accum. Depr.- Equipment $18,200 Accounts Payable 16,940 Unearned Subscription Revenue 14,000 Salaries Payable 4,900 Common Stock 35,000 Retained Earnings 32,508 Subscription Revenue 263,620 Advertising Revenue 69,580 Salaries Expense 168,322 Printing and Mailing Expense 119,840 Rent Expense 12,320 Supplies Expense 8,540 Insurance Expense 2,604 Depreciation Expense 7,700 Income Tax Expense 2,240 Totals $454,748 $454,748