Credit \ 50,000 510,000 The following information (in 000) is available for Ling Company: Debit Retained Earnings Dividends \ 32,000 Sales Sales Returns and Allowances 20,000 Sales Discounts 7,000 Cost of Goods Sold 347,000 Freight-out 2,000 Advertising Expense 15,000 Interest Expense 19,000 Store Salaries Expense I 45,000 Utilities Expense 18,000 Depreciation Expense 7,000 Interest Revenue 25,000 Instructions Using the above information, prepare the closing entries for Ling Company