1. The MNO Companys controller prepared the following adjusting trial balance.

Accounts	Debit		Credit
Cash	12,400
Investment (current)	14,050
Accounts Receivable	30,000
Allowance for Doubtful Accounts			4,020
Inventory	16,800
Supplies	440
Prepaid Rent	800
Equipment	65,000
Accumulated Depreciation - Equipment			15,500
Accounts Payable			4,400
Interest Payable			200
Notes Payable			10,000
Sales Commissions Payable			15,000
Common Stock			40,000
Retained Earnings			29,690
Sales Revenue			360,000
Cost of Goods Sold	245,520
Wages Expense	75,400
Rent Expense	8,600
Bad Debt Expense	3,600
Depreciation Expense	6,000
Interest Expense	200
Totals	478,810		478,810

Then prepare the required closing entries based on the information provided above.