XYZ Company Adjusted Trial Balance December 31, 2015 Account Titles Debit Credit Cash 45,000 Accounts Receivable 52,000 Allowance for doubtful accounts 400 Notes receivable 30,000 Interest Receivable 300 Merchandise Inventory 51,500 Land 20,000 Building 150,000 Accumulated Depreciation, Building 21,000 Equipment 50,000 Accumulated Depreciation, Equipment 28,500 Goodwill 26,000 Accounts Payable 25,000 Interest Payable 1,875 Salary Payable 5,500 Long-term Notes Payable 75,000 Common Stock, $10 par, 2000 shares author&outstand 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Interest Revenue 300 Salaries Expense 155,500 Interest Expense 1,875 Depreciation Expenses 13,500 Bad debts Expenses 1,100 Utilities Expenses 3,500 Cost of Goods Sold 353,500 Administrative Expenses 55,000 Sales Expenses 14,000 Totals 1,024,175 1,024,175 What will the balance sheet be? What are the closing entries?