Use the following trial balance, record closing entries for (1) a periodic inventory system and (2) a perpetual inventory system (ending inventory is $30,000)

Cash 26,000

A/R 88,000

Supplies 9,000

Inventory 40,000

Equipment 250,000

Accum. Depr. 100,000

A/P 12,000

Salaries Payable 14,000

Rent Payable 5,000

Utilities Payable 2,000

Unearned Sales Revenue 17,000

Common Stock 120,000

Retained Earnings 106,000

Dividends 11,000

Sales 449,000

Sales Return & Allowances 4,000

Sales Discounts 5,000

Purchases 105,000

Purchases Return & Allowances 9,000

Purchase Discounts 6,000

Rent Expense 70,000

Salaries Expense 150,000

Utilities Expense 60,000

Depreciation Expense 10,000

Income Tax Expense 12,000

840,000 840,000