The adjusted trial balance of Singh Company includes the following income statement accounts: Debit Credit Sales $550,000 Sales Returns and Allowances $27,000 Cost of Goods Sold 346,400 Freight Out 2,000 Advertising Expense 15,000 Rent Expense 19,000 Salaries Expense 45,000 Utilities Expense 18,000 Depreciation Expense 7,500 It also includes the following accounts: Debit Credit Merchandise Inventory $42,000 M. Singh, Capital $50,000 M.

Singh, Drawings 38,000 Singh Company uses a perpetual inventory system

Instruction,

Prepare the closing entries for Singh Company.