A partial work sheet for The Fan Shop is presented here. The merchandise inventory at the beginning of the year was $52,300. P. G. Ochoa, the owner, withdrew $30,500 during the year.

The Fan Shop
Work Sheet
For Year Ended December 31, 20--
	INCOME STATEMENT
ACCOUNT NAME	DEBIT	CREDIT
Sales		324,000.00
Sales Returns and Allowances	3,400.00
Sales Discounts	2,707.00
Interest Income		1,830.00
Purchases	201,490.00
Purchase Returns and Allowances		2,880.00
Freight In	9,790.00
Wages Expense	46,240.00
Rent Expense	12,610.00
Commissions Expense	8,310.00
Supplies Expense	1,842.00
Interest Expense	854.00
Income Summary	52,300.00	54,580.00
Insurance Expense	1,240.00
Depreciation Expense, Building	4,600.00
Depreciation Expense, Equipment	2,600.00
	347,983.00	383,290.00
Net Income	35,307.00
	383,290.00	383,290.00

Required:

Prepare an income statement.

The Fan Shop
Income Statement
For Year Ended December 31, 20--
Revenue from Sales:
Sales		$
Less: Sales Returns and Allowances	$
Less: Sales Discounts
Net Sales			$
Cost of Goods Sold:
Merchandise Inventory, Jan. 1, 20--		$
Purchases	$
Less: Purchases Returns and Allowances
Net Purchases	$
Add Freight In
Delivered Cost of Purchases
Cost of Goods Available for Sale		$
Less Merchandise Inventory, Dec. 31, 20--
Cost of Goods Sold
Gross Profit			$
Operating Expenses:
Wages Expense		$
Rent Expense
Commissions Expense
Supplies Expense
Insurance Expense
Depreciation Expense, Building
Depreciation Expense, Equipment
Total Operating Expenses
Income from Operations			$
Other Income:
Interest Income		$
Other Expenses:
Interest Expense
Net Income			$

Journalize the closing entries. If an amount box does not require an entry, leave it blank.

GENERAL JOURNAL						PAGE
DATE	DESCRIPTION	DOC. NO.		POST. REF.	DEBIT	CREDIT
20--	Closing Entries
Dec. 31	Sales
	Purchases Returns and Allowances
	Interest Income
	Income Summary
Dec. 31	Income Summary
	Sales Returns and Allowances
	Sales Discounts
	Purchases
	Freight In
	Wages Expense
	Rent Expense
	Commissions Expense
	Supplies Expense
	Insurance Expense
	Depreciation Expense, Building
	Depreciation Expense, Equipment
	Interest Expense
Dec. 31	Income Summary
	P. G. Ochoa, Capital
Dec. 31	P. G. Ochoa, Capital
	P. G. Ochoa, Drawing