PART II Using the following adjusted trial balance of Omega, Inc., prepare the four closing entries exactly as described in class and in your notes. On the basis of its annual physical count of inventory at year end, Omega determined that its ending inventory was $60,000. Omega uses the periodic inventory system. [15 points) Cash S15,000 23,000 50,000 70,000 Accounts receivable Inventory Equipment Accum depreciation-equipment Accounts payable Salaries payable Utilities payable Income tax payable Common stock Retained earnings Dividends Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Rent expense Salaries expense Utilities expense Depreciation expense Income tax expense Total $40,000 15,000 6,000 5,000 7,000 48,000 35,000 7,000 200,000 9,000 8,000 70,000 5,000 6,000 0,000 60,000 10,000 8,000 7,000 367,000 $367,000 3 4 1