On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Give the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts. Use journal page 16.
INCOME STATEMENT SECTION

Assume further that the owner of the firm is John Capeletti and that the John Capeletti, Drawing account had a balance of $30,700 on December 31, 2019.

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Credit 39,600 $ 42,900 261,500 Debit Income Summary Sales Sales Returns and Allowances Sales Discounts Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Rent Expense Utilities Expense Telephone Expense Salaries Expense Payroll Taxes Expense Supplies Expense Depreciation Expense Interest Expense Totals 4,400 1,600 220 37,200 2,700 1,500 1,630 2,000 3,030 1,740 67,100 5.370 1,280 3,000 420 $279,440 $307,750