The trial balance of Optique's Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns

Question:

The trial balance of Optique's Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400, Interest Revenue $3,000, Freight-Out $1,900, Utilities Expense $7,400, and Salaries and Wages Expense $19,500. Prepare the closing entries for Optique.