Following is the adjusted trial balance for Mercer Grocery, Inc. for the current year. Mercer uses a periodic inventory system. A physical count of the inventory indicates that $60,000 of merchandise is on hand. Prepare the December 31 closing entries.

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The Answer of Following is the adjusted trial balance for Mercer Grocery, Inc. for the current year. Mercer uses a periodic inventory system. A physical count of the inventory indicates that $60,000 of merchandise is on hand. Prepare the December 31 closing entries.

Following Is the Adjusted Trial Balance for Mercer Grocery, Inc