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In: Accounting

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

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

INCOME STATEMENT COLUMNS
ACCOUNT NAME DEBIT CREDIT
Income Summary $ 63,000 $ 69,000
Sales 250,000
Sales Returns and Allowances 6,100
Interest Income 760
Purchases 87,000
Freight In 3,900
Purchases Returns and Allowances 2,900
Purchases Discounts 3,500
Sales Salaries Expense 53,000
Office Salaries Expense 20,100
Office Supplies Expense 860
Utilities Expense 5,100
Payroll Taxes Expense 2,700
Uncollectible Accounts Expense 2,800
Depr. Expense - Office Equipment 900
Totals 245,460 326,160
Net Income 80,700
$ 326,160 $ 326,160


Prepare the closing entries that should be made in the general journal.

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

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