From the adjusted trial balance for Fabricated Products Company, Inc.

From the adjusted trial balance for Fabricated Products Company, Inc. given below, prepare the necessary closing entries.Fabricated Products Company, Inc.Adjusted Trial BalanceDecember 31DebitCreditCash$19,400Accounts receivable25,000Merchandise inventory26,000Office supplies1,900Store equipment84,000Accumulated depreciation—store equipment$22,000Office equipment40,000Accumulated depreciation—office equipment15,000Accounts payable12,000Notes payable40,000Common stock1,000Retained earnings109,700Dividends28,000Sales245,000Sales discounts6,000Sales returns and allowances16,500Cost of goods sold145,000Sales salaries expense32,500Depreciation expense—store equipment11,000Depreciation expense—office equipment7,500Office supplies expense1,300Interest expense 600 Totals4,700$444,700

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