The trial balance of ogilvys boutique at december 31 shows, Ask an Expert

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The trial balance of Ogilvy'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 $5,000, Freight-out $1,500, Utilities Expense $7,400, and Salaries and Wages Expense $19,500. Prepare the closing entries for Ogilvy.

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