III. Closing entries (9 points) The adjusted trial balance for Knit Right Corp. at December 31, 2013 is as follows: dr. c. Sales Reveme 5535.000 Accounts receivable 150.000 72.000 Prepaid rent (for 4 months remaining) 10.000 Rent expense 30,000 Allowance for uncollectible accounts 6.000 Accounts Payable 140.00 Inventory 65.000 Cost of goods sold 400.000 Notes payable 60.000 Salaries Payable 2800 Interest Payable 2,000 Salary expense Interest expense 24.000 Uneamed Revenue 23.000 Common stock 250.000 Retained earnings 300,000 Equipment 800.000 Accumulated depreciation 320,000 Depreciation expense 30.000 Totals $1,664,000 $1,664,000 REQUIRED: Prepare Closing Entries (Use an Income Summary Account) Account name Debit Credit