On December 31, 2016, the Income Statement section of the worksheet for Soto Company 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.

Assume further that the owner of the firm is Armando Soto and that the Armando Soto, Drawing account had a balance of $26,700 on December 31,2016.

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INCOME STATEMENT SECTION Debit Credit $42,900 259,500 Income Summory $39,600 es Sales Returns and Allowances Sales Discounts Interest Income Purchases Freight In Purchases Returns and Allovances Purchases Discounts Rent Expense Utilities Expense Telephone Expense Salaries Expense Payroll Taxes Expense Supplies Expense Depreciation Expense Interest Expense Totals 4,400 3,400 220 135,400 2,700 2,500 ,630 9,000 3,030 1,640 67,100 5,370 1,800 3,000 440 S276,880 306,750