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Presented below is information related to Crane Corporation for the month of January 2020. ...

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Accounting

Presented below is information related to Crane Corporation for the month of January 2020.

Cost of goods sold

 $207,000

Salaries and wages expense

 $65,660

Delivery expense

 7,550

Sales discounts

 8,330

Insurance expense

 12,410

Sales returns and allowances

 14,230

Rent expense

 18,260

Sales revenue

 356,900

Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

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Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Jan. 31 (To close revenue accounts) 2. Jan. 31 (To close expense accounts) 3. Jan. 31 (To close net income /(loss))

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