On December 31, 20X1, the Income Statement columns of the worksheet for The Sax Shop 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.

INCOME STATEMENT COLUMNS

Assume further that the owner of the firm is Mark Fronke and that the Mark Fronke, Drawing account had a balance of $39,700 on December 31, 20X1.

Transcribed Image Text:

Income Summary Sales Sales Returns and Allowances Sales Discounts Interest Income Purchases Debit $ 40,000 4,400 3,600 135,200 Credit $ 43,000 291,500 230