ry Friends Pet Supplies Adjusted Trial Balance December 31, 2021 Credit Credit ADDITIONAL INFORMATION: 11 of the mortgage payable, $24,000 isto be paid April 30, 2022. 21 A physical Inventory count determined that merchandise inventary on December 31, 2021 was $ $ $ 20,230 PERPETLIAI Debit 8,000 56,880 20,230 . 100,000 250,000 PERIODIC Debit ........ 8,000 56,880 10,800 100,000 250,000 1 87,500 87,500 IMPORTANT DIFFERENCES BETWEEN THE PERPETUAL AND PERIODIC INVENTORY SYSTEMS 56,000 66,000 1) Merchandise Inventary 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 37,710 23,170 4,390 2,910 450 230,000 138,430 37,710 23.170 4,390 2,910 450 230,000 138,430 2) Purchases, purchase discounts, purchase returns and allowances, and freight-in are all accounts used only with the PERIODIC Inventary system 3) Cost of Goods Sold has only been used during the fiscal period under the PERPETLJAL inventoy system. It is NOT used under the PERIODIC inventory system throughout the counting period 50,070 50,070 789,310 789,310 Cash Accounts receivable Merchandise inventory Land Building Accumulated depreciation-building Equipment Accumulated depreciation ulpment Accounts payable Urarne revenue Salaries payable Interest payable Martgage payable J. George, capital George, drawings Sales Sales discounts Sales returns and allowances Purchases Purchase discounts Purchase returns and allowances Freight in Cost of Goods Sold Salaries pense Depreciation expense utilities expense Insurance expense Freight out Property tax expense Interest revenue Interest expense Total 2.990 4) Cost of Goods Sold must be calculated at end of the fiscal period with the PERIODIC invertory system. ) 19,730 7,890 19,730 468,300 11,530 18,510 5,290 434,120 231,293 32,050 12,070 9,600 4,310 4,020 231,290 32,050 17,020 9,600 4,310 4,020 1,070 1,070 9,030 1,315,240 $ 1,345,280 $ 1,345,280 9,030 1,315,240S $ Part B Closing Entries -- Perpetual and Periodic 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. CLOSING ENTRIES - PERPETUAL Account CLOSING ENTRIES - PERIODIC Account Debit Credit Debit Date Jan. 31 Credit Date Jan. 31 31 31 31 31