Current Attempt in Progress

Presented below are year$-$end adjusted account balances for Bramble Co$.$

$\backslash$table$[[$Insurance expense,$$11,330,$Salaries and wages expense,$57,610],[$Rent expense,$24,360,$Sales discounts,$13,010],[$Inventory$,29,070,$Sales returns and allowances,$15,570],[$Cost of goods sold,$213,430,$Sales revenue,$417,120],[$Freight$-$out,$7,120,,]]$

Prepare the necessary closing entries. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

$($To close accounts with credit balances$)$

$($To close accounts with debit balances$)$

$($To close net income $/($loss$))$