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\begin{tabular}{lc} Sales Discounts Forfeited & \\ Cost of Goods Sold & 83,700 \\ Selling Expense & 18,900 \\ \hline Administrative Expense & 18,000 \\ \hline Interest Expense & 1,600 \\ \hline Total & $262,550 \\ \hline \hline \end{tabular} Taylor's Music Company uses a perpetual inventory system. The adjusted trial balance of Taylor's Music Company at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. 1.,,, Requirement 2. Journalize Taylor's closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues and other credit accounts for the period. Do not close the expenses; this will be done in the next step