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On December 31, 20X1, the Income Statement columns of the worksheet for The Sax Shop contained the following information.
| Income Statement Columns | Debit | | Credit | |
| Income summary | $ | 39,500 | | $ | 42,800 | |
| Sales | | | | | 259,000 | |
| Sales returns and allowances | | 4,350 | | | | |
| Sales discounts | | 3,350 | | | | |
| Interest income | | | | | 215 | |
| Purchases | | 135,300 | | | | |
| Freight in | | 2,650 | | | | |
| Purchases returns and allowances | | | | | 2,450 | |
| Purchases discounts | | | | | 1,620 | |
| Rent expense | | 8,950 | | | | |
| Utilities expense | | 3,020 | | | | |
| Telephone expense | | 1,630 | | | | |
| Salaries expense | | 67,000 | | | | |
| Payroll taxes expense | | 5,360 | | | | |
| Supplies expense | | 1,790 | | | | |
| Depreciation expense | | 2,950 | | | | |
| Interest expense | | 430 | | | | |
| Totals | $ | 276,280 | | $ | 306,085 | |
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Assume further that the owner of the firm is Mark Fronke and that the Mark Fronke, Drawing account had a balance of $26,650 on December 31, 20X1.
Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.
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