ACCT 1012 Chapter 4 - Closing entries Question 1 Ohe amounts below appeared in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. Record the closing entries on December 31. Income Statement Balance Sheet Debit Credit Debit Credit Cash 7,500 Accounts receivable 4,500 Liabilities 3,000 Kate Smith, capital 7,500 Kate Smith, withdrawals 1,500 19,500 Salaries expense 11,250 Other operating expenses 5,250 19,500 13,500 10,500 Net income 19.500 13.500 Sales 16,500 3,000 3,000 19.500 13,500