Objective: To prepare closing entries from account balances The following are adjusted account balances of Adkins' Variety Store as of December 31, 20X1. Beginning merchandise inventory is $29,210; ending is $25,495. Account Advertising Expense Adjusted Balance $ 3,275 Jennifer Adkins, Capital 79,210 Jennifer Adkins, Drawing 11,650 Depreciation Expense-Delivery Equipment Depreciation Expense-Office Equipment 5,700 10,200 Depreciation Expense-Store Equipment Insurance Expense 12,600 7,300 Office Salaries Expense 31,900 Office Supplies Expense 7,210 Purchases 207,645 Purchases Returns and Allowances 17,620 Purchases Discounts 4,155 Rent Expense 14,400 Sales 305,650 Sales Returns and Allowances 11,250 Sales Discounts 6,055 Sales Salaries Expense 65,200 Store Supplies Expense 2,300 Utilities Expense 5,275 Directions: Prepare closing entries on page 2 of a general journal