The adjusted trial balance for Manhattan Tea Company at December 31, 2008 is presented below: Debit Credit Cash 10,500 Accounts Receivable 150,000 Allowance for uncollectible Accounts 10,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation-equipment 125,000 Accounts payable 20,000 Notes payable-due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Capital stock 200,000 Retained earnings 40,000 Sales Revenue $200,000 Interest revenue 15,000 Interest revenue 15,000 Costs of goods sold 195,000 Salaries expenses 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Bad debt expense 2,500 Dividends declared 10,000 Total $840,000 $840,000 2. Prepare the closing entries for Manhattan Tea Company (20 points)