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The following is a list of the accounts and balances at December 31, 2021, for Meilleur Merchants. The list of accounts is in alphabetical order.

The following is a list of the accounts and balances at December 31, 2021, for Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a perpetual inventory system and the earnings approach for revenue recognition. Account Balance Dec. 31

1 Accounts payable $15,000

2 Accounts receivable 30,000

3 Accumulated depreciationbuilding 15,500

4 Accumulated depreciationequipment 10,000

5 Advertising expense 4,115

6 Building 84,600

7 S. Meilleur, capital 75,000

8 S. Meilleur, drawings 28,300

9 Cash 4,505

10 Cost of goods sold 234,600

11 Depreciation expense 6,205

12 Equipment 24,500

13 Freight out 627

14 Insurance expense 1,555

15 Interest expense 2,245

16 Interest revenue 941

17 Land 12,000

18 Merchandise inventory 105,800

19 Mortgage payable 57,600

20 Prepaid insurance 2,100

21 Property tax expense 1,515

22 Property taxes payable 600

23 Rent revenue 1,410

24 Salaries expense 42,800

25 Salaries payable 650

26 Sales 420,300

27 Sales discounts 15,700

28 Sales returns and allowances 19,800

29 Unearned revenue 23,000

30 Utilities expense 2,225

Prepare closing entries for Meilleur Merchants at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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