The following is the trial balance for Roller Skate Store at their year end,December 31,2015: 
Prepare the necessary closing entries at December 31,2015.
Definitions:
Personally Liable
A legal term referring to an individual's responsibility to settle a debt or legal judgment from their personal assets.
Corporate Bonds
Debt securities issued by corporations to finance their operations, which typically pay periodic interest payments and return the principal at maturity.
Common Stock
A security that evidences ownership in a corporation. A share of common stock gives the owner a proportionate interest in the corporation with regard to control, earnings, and net assets. Common stock is lowest in priority with respect to payment of dividends and distribution of the corporation’s assets on dissolution.
Proportionate Interest
The share or percentage ownership that an individual or entity holds in a particular asset, reflecting their portion of the total value or earnings.
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