Problem 2: Accounting cycle - closing entries The December 31, 2018, adjusted trial balance for Xcel Corporation is presented below: Account title Debits Credits Cash 21,000 Accounts receivable 300,000 Prepaid rent 10,000 Inventory 50,000 Office equipment 600,000 Accumulated depreciation Office equipment Accounts payable Note payable (Due in 6 months) Salaries payable Interest payable Common stock Retained earnings Sales Revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Totals Required: Prepare necessary closing entries. 250,000 60,000 60,000 8,000 2,000 400,000 100,000 800,000 480,000 120,000 30,000 60,000 2.000 1.680.000 1.680.000