Following is the year-end adjusted trial balance for Yakima's Sporting Goods for the current year:

Yakima's Sporting Goods

Adjusted Trail Balance

December 31

Dr. Cr.

Cash.................................... $47,500

Accounts receivable..... $46,000

Merchandise Inventory....... 50,000

Office supplies.......................... 800

Accounts payable................................................................... 16,000

Salaries payable........................................................................850

P.Yakima, Capital........................................................................125,630

P.Yakima, Withdrawals.............25,000

Sales.................................................................................................500,000

Sales returns & allowances....4,500

Sales Discounts...........................4,250

Cost of goods sold.....................382,450

Sales salaries expense..............44,000

Advertising expense...................8,150

Office salaries expense............24,325

Office supplies expense............450

Interest expense............................5,055

Totals....................................................$642,480 $642,480

REQUIRED: Prepare the closing entries at December 31 for the current year without explanations.