Fred's Comer Grocery Adjusted Trial Balance December 31 Dr. Cr. Cash. .....................i . . . . . . . . . ... . .... $ 67,500 Accounts receivable............. 46.000 Merchandise inventory....... .. ....... . . . 60,000 Store supplies. ...... .. . . . .. . ..... 800 Accounts payable......... .... . . . ....... 16,000 Salaries payable....... - . ............. 850 Common stock.. . .. .... . . . ...... 20,000 Retained earnings......... . . . . . . . .. ........ 105,630 Dividends......... . . . .. . ..".. 45,000 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... . . . ..... $50,000 Sales returns & allowances..... . . . . ... . . 4,500 Sales discounts...... ...." 4,250 Cost of goods sold.........."* 382,450 Sales salaries expense... .. . . . .. 44,000 Advertising expense... ... . .. .". .. . . . . . . . 8,150 Store salaries expense. . ...... 24,325 Store supplies expense.... 450 Interest expense..... ... ... ...... 5.055 Totals.............. . .. $692.480 $692.480 On the following pages, prepare a multi-step income statement (25 points) and the closing entries at Dec (25 points)