Principles of AccowtingI .arks) .The following information (in 00) is available for Ling Company Credit 50,000 Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue 35,000 10,000 20,000 7,000 357,000 2,000 15,000 19,000 45,000 18,000 7,000 25,000 Instructions Prepare the closing entries on December 31, 2009 Answer: GENERAL JOURNAL Debit Credit Date Account Title & Explanation