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On December 31, 2019, the Income Statement section of the worksheet is shown below. The balance...

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Accounting

On December 31, 2019, the Income Statement section of theworksheet is shown below. The balance of Ally Logan’s drawingaccount is $32,000.

INCOME STATEMENT COLUMNS
ACCOUNT NAMEDEBITCREDIT
Income Summary$63,000$69,000
Sales250,000
Sales Returns and Allowances6,100
Interest Income760
Purchases87,000
Freight In3,900
Purchases Returns and Allowances2,900
Purchases Discounts3,500
Sales Salaries Expense53,000
Office Salaries Expense20,100
Office Supplies Expense860
Utilities Expense5,100
Payroll Taxes Expense2,700
Uncollectible Accounts Expense2,800
Depr. Expense - Office Equipment900
Totals245,460326,160
Net Income80,700
$326,160$326,160


Prepare the closing entries that should be made in the generaljournal.

Journal entry worksheet
Record entry to transfer sales, interest, purchases return andallowances and purchase discounts to income summary.
Note: Enter debits before credits.
  
Date   General Journal   Debit  Credit
Dec 31, 2019         

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