Question: The adjusted account balances of Rose Merchandising Company on Dec. 31st of 2020 are below. Accounts Accounts Receivable Balance Accounts Payable Accumulated Depreciation-Equipment 156,000 60,000 38,400 Cash 42,000 Common Stock (par value $20) 464,400 Cost of goods sold 360,000 Depreciation expense 12,000 Dividends declared and paid 30,000 Equipment 480,000 Interest Revenue 9,600 Merchandise Inventory 240,000 Rent expense 60,000 Retained earnings, December 31, 2016 198,000 Salaries and Wages expense 300,000 Sales Returns 21,600 Sales Revenues 984,000 Provide the necessary journal entry for closing expense accounts.