Make the closing entry (or entries) necessary to close the following accounts: Cost of Goods Sold ........

Question:

Make the closing entry (or entries) necessary to close the following accounts:
Cost of Goods Sold ........ $ 7,000
Accounts Payable .......... 900
Paid-In Capital ........... 1,500
Cash ............... 3,200
Sales .............. 11,000
Dividends ............ 900
Retained Earnings (beginning) ... 1,200
Inventory ............ 3,500