Question: From the following T accounts, journalize the closing entries dated December 31 for BaylorCompany. Purchases Returns and Allowances Salary Expense H. Baylor, Drawing 65,000 55,000

From the following T accounts, journalize the closing entries dated December 31 for BaylorCompany.

Purchases Returns and Allowances Salary Expense H. Baylor, Drawing 65,000 55,000 8,600 Purchases Miscellancous Expense Rent Expense 235,600 12,200 22,000 Sales Returns and Allowances Freight In Sales 7,400 11,200 502,000 Income Summary H. Baylor, Capital Purchases Discounts 87,000 103,000 335,000 4,300

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