Using the following trial balance, record closing entries for (1) a periodic inventory system and (2) a perpetual inventory system (ending inventory...

Using 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

Accounts receivable 88,000

Supplies 9,000

Inventory 40,000

Equipment 250,000

Accumulated depreciation $ 100,000

Accounts payable 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 returns and allowances 4,000

Sales discounts 5,000

Purchases 105,000

Purchase returns and 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

DR 840,000

CR 840,000