The following are various accounts related to the income statement and owner's equity of Lynn Company (a sole proprietorship) for the current year.

Required:
From the information given, prepare the 31 December closing entries.

Transcribed Image Text:

P. Lynn, withdrawals Salaries expense Delivery expense Utilities expense Sales Depreciation expense Cost of goods sold $ 30 000 31 400 9 300 14 700 189 500 5600 73 800