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Question: following is the yearend adjusted trial balance for abc company...

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Following is the year-end adjusted trial balance for ABC COMPANY for the current year:

ABC COMPANY

Adjusted Trial Balance

December 31

Dr

Cr

Cash

SAR 67,400

Accounts receivable

46,000

Merchandise inventory

50,000

Office supplies

800

Accounts payable

16,000

Salaries payable

850

Common stock

50,000

Retained earnings

75,530

Dividends

5,000

Sales

500,000

Sales returns & allowances

4,500

Sales discounts

4,250

Cost of goods sold

382,450

Sales salaries expense

44,000

Advertising expense

8,150

Office salaries expense

24,325

Office supplies expense

450

Interest expense

5,055

Totals

SAR 642,380

SAR 642,380

Instructions: Prepare the closing entries at December 31 for the current year

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