The adjusted trial balance for Import Tea Company at December 31, 2022 is presented below:

Prepare the closing entries for Import Tea Company for the year ended December 31, 2022.

	Debit	Credit
Cash	10,500
Accounts receivable	150,000
Prepaid rent	5,000
Inventory	25,000
Equipment	300,000
Accumulated depreciationequipment		125,000
Accounts payable		30,000
Notes payabledue in three months		30,000
Salaries payable		4,000
Interest payable		1,000
Common stock		200,000
Retained earnings		50,000
Sales revenue		400,000
Costs of goods sold	180,000
Salaries expense	120,000
Rent expense	15,000
Depreciation expense	30,000
Interest expense	2,000
Advertising expense	2,500	_______
Totals	840,000	840,000