Xyz company trial balance december 31, 2015 account debit credit cash $ 43,500 accounts receivable 53,500 allowance for doubtful accounts 1,500 notes receivable 30,000 merchandise inventory 55,000 land 20,000 building 150,000 accumulated depreciation, building $ 15,000 equipment 50,000 accumulated depreciation, equipment 21,000 goodwill 26,000 accounts payable 25,000 long-term notes payable 75,000 common stock, $10 par, 2,000 shares authorized and outstanding 20,000 retained earnings 147,000 sales revenue 700,000 salaries expense 150,000 utilities expense 3,500 cost of goods sold 350,000 administrative expenses 55,000 sales expenses 15,000 _______ totals $1,003,000 $1,003,000 xyz is a small company and records adjusting entries and closing entries only at fiscal (calendar) year end. correcting and adjusting entries have not been recorded. additional information: notes receivable is a 3-month, 6% note accepted on november 1, 2015. long-term notes payable is a 5-year, 5% note that was signed on july 1, 2015. interest is payable annually. building is depreciated at 3% per year. there is no salvage value. equipment is depreciated at 15% per year. there is no salvage value. xyz discovered, on december 30, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to accounts receivable and a credit to sales revenue. the year-end physical count for merchandise inventory reflected a value of $51,500. any difference in value will not be considered theft or loss. salaries for the last half of december, payable in january, amount to $5,500. xyz estimates that of the accounts receivable, 5% will not be collectable. required: prepare in journal form, any required correcting entries. prepare in journal form, all end-of-the-period adjusting entries. prepare a december adjusted trial balance. prepare a classified balance sheet for the year ended december 31, 2015. prepare in journal form, the closing entries for the year ended december 31, 2015.