Mary Murphy, the new assistant controller of Hot Tamale Inc., would like your help in closing out Tamales December 31, 2019, financial records. The company is a simple one, and the adjusted trial balance is as follows:

Instructions: Prepare the necessary journal entries to close the books for 2019. (Note: Mrs. Murphy is also a professional critic, and has quite a loud screaming voice when JEs arent prepared in good form.)

*Assuming a zero balance for beginning inventory:

**Note: Purchases should have been closed during the adjusting JE process for inventory and COGS. The JE that would have been prepared at that time is as follows.

Inventory 132,000

COGS 968,000

Purchases 1,100,000

Adjusted Trial Balance 31-Dec-19 Dr Cr Cash 800 Accounts Receivable 14,500 Allowance for Doubtful Accounts 1,100 Inventory 132,000 Prepaid Insurance Prepaid Advertising Property, Plant, and Equipment 650,000 Accumulated Depreciation 210,000 Accounts Payable 50,000 Unearned Revenue 6,500 Long-Term Debt 250,000 Voting Stock, par value 5,000 Retained Earnings 187,200 Tamale Sales Revenue 1,600,000 Purchases 1,100,000 Cost of Tamale Sales Salaries and Admin 350,000 Advertising Expense Bad Debt Expense 800 Insurance Expense 26,000 Other Expenses 6,200 2,309,800 2,309,000 Account Debit Credit