Referring to the above financial information, prepare the closing entries under each of the 2 inventory systems, using the area provided below. Select the account names from the drop down list provided. List debits first. Do not add any rows, there are enough rows for each entry. HAYA CLOSING ENTRIES - PERPETUAL Date Account Debit Credit Date Jan. 31 Jan. 31 CLOSING ENTRIES - PERIODIC Account Debit Credit 31 31 31 31 31 31 ADDITIONAL INFORMATION: 1) of the mortgage payable, $24,000 is to be paid April 30, 2022. 2) A physical inventory count determined that merchandise inventory on December 31, 2021 was $ 20,210 IMPORTANT DIFFERENCES BETWEEN THE PERPETUAL AND PERIODIC INVENTORY SYSTEMS: 1) Merchandise Inventory shown on the adjusted trial balance for PERIODIC inventory is the BEGINNING balance in inventory since this account hasn't been used all fiscal period. PERIODIC Debit Credit 8,000 56,830 10,800 100,000 250,000 $ 87,500 66,000 33,000 23,450 4,390 2,910 450 230,000 143,080 50,020 788,630 7,890 19,720 467,880 11,520 18,490 5,290 Furry Friends Pet Supplies Adjusted Trial Balance December 31, 2021 PERPETUAL Debit Credit Cash $ $ 8,000 Accounts receivable 56,830 Merchandise inventory 20,210 Land 100.000 Building 250,000 Accumulated depreciation-building S $ 87,500 Equipment 66,000 Accumulated depreciation-equipment 33,000 Accounts payable 23,450 Unearned revenue 4,390 Salaries payable 2.910 Interest payable 450 Mortgage payable 230,000 J. George, capital 143.080 J. George, drawings 50,020 Sales 788,630 Sales discounts 7,890 Sales returns and allowances 19,720 Purchases Purchase discounts Purchase returns and allowances Freight in Cost of Goods Sold 433,750 Salaries expense 231,090 Depreciation expense 32,020 Utilities expense 12,010 Insurance expense 9,590 Freight out 4,310 Property tax expense 4,020 Interest revenue 1,070 Interest expense 9,020 2) Purchases, purchase discounts, purchase returns and allowances, and freight-in are all accounts used only with the PERIODIC inventory system. . 3) Cost of Goods Sold has only been used during the fiscal period under the PERPETUAL inventoy system. It is NOT used under the PERIODIC inventory system throughout the accounting period. 4) Cost of Goods Sold must be calculated at end of the fiscal period with the PERIODIC inventory system. 231,090 32,020 12,010 9,590 4,310 4,020 1,070 9,020 SINGLE-STEP - PERPETUAL SINGLE-STEP - PERIODIC *identical to the single-step is for perpetual