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. 
Definitions:
Anthocerophyta
A division of non-vascular plants known as hornworts, characterized by a unique sporophyte structure.
Polyploids
Organisms that have more than two complete sets of chromosomes, which is a condition common in plants and some animal species.
Genetics
Genetics is the branch of biology that studies genes, genetic variation, and heredity in organisms, explaining how traits are passed from parents to offspring.
Chlorophylls
A group of green pigments found in plants and some microorganisms, critical for photosynthesis by enabling the absorption of light energy.
Q18: Identify the account below that is classified
Q63: Purchase discounts are the same as trade
Q78: A multiple-step income statement format shows detailed
Q88: A company has net sales of $752,000
Q89: When purchase costs regularly rise, the _
Q131: The following information is available to reconcile
Q181: Physical inventory counts:<br>A)Are not necessary under the
Q208: A company's net sales are $775,420, its
Q215: Prior to recording adjusting entries, the Office
Q217: Which of the following statements regarding reporting