Select accounts from the Adjusted Trial Balance are presented below.  Prepare the 3 required closing entries to record net income on December 31.

Accounts Receivable	270,000
Inventory	190,000
Retained Earnings	562,000
Sales	788,700
Sales Discounts	10,000
Sales Returns and Allowances	32,000
Cost of Goods Sold
Delivery Expense	9,000
Sales Salaries Expense	145,000
Office Supplies Expense	1,800
Store Supplies Expense	3,600
Admin Salaries Expense	99,000
Depreciation Expense	14,000

 

Journal

Date	Description	Debit	Credit
Dec 31
Dec 31