Prepare all year-end closing entries for Kim Company using compound entries wherever appropriate. Kim Company uses the perpetual inventory method. On November 30, 2020, the adjusted year-end account balances of Kim Company were as follows:

Accounts Payable

$32,500

Equipment

$140,000

Accounts Receivable

26,000

Interest Revenue

4,400

Accumulated Depreciation

24,000

Inventory

52,500

Depreciation Expense

8,000

Rent and Utilities Expense

77,000

Cash

7,000

Salaries Expense

236,000

Cost of Goods Sold

599,700

Sales

1,007,000

Rachel Kim, Capital

133,000

Sales Discounts

27,700

Rachel Kim, Withdrawals

30,000

Unearned Revenue

3,000

Inventory as per actual count November 30, 2020 = $47,000. The inventory account should be adjusted to the actual count balance before doing the closing entries.