Information follows for Shakira Corporation for the month of January:

Instructions
Prepare the necessary closing entries.

Cost of Goods Sold $228,000 Salary and Wages Expense 61,000 Cash Advertising Expense Note Payable Freight-out Insurance Expense Rent Expense 16,000 1,200 7,000 1,000 364,000 14,000 62,000 Inventory 3,200 Interest Expense 33,000 Sales Discounts 9,000 12,000 Sales Revenue 20,000 Retained Earnings Sales Returns and Allowances