A partial work sheet for Pope Music Store is presented here.

The merchandise inventory at the beginning of the fiscal period was $49,584.

R L. Pope, the owner, withdrew $32,000 during the year.

Instructions 1. Prepare an income statement.
2. Journalize the closing entries.

Pope Music Store Work Sheet For Year Ended December 31, 19- ACCOUNT NAME INCOME STATEMENT DEBIT CREDIT 1 Sales 2 Sales Returns and Allowances 3 Sales Discount 5229 20 190800 326 5 9 2 80 4 interest Income 324 98 5 Purchases 195 19 1 00 6 Purchases Returns and Allowances 1656 00 7 Freight In 8 Wages Expense 9 Rent Expense 10 Commissions Expense 11 Interest Expense 12 Income Summary 13 Supplies Expense 14 Insurance Expense 15 Depreciation Expense, Equipment 16 Depreciation Expense, Building 17 18 Net Income 89 19 14 2 6 5 00 39 5 2 4 00 9360 00 944000 65 6 32 49 5 8 4 00 637 20 93600 33 40 00 480000 43 9 7 2 00 334 870 72 372 5 4 5 78 37 6 7 5 06 372 5 4 5 78 372 5 4 5 78 21 220