Current Attempt in Progress Your answer is partially correct. Presented below is information related to Waterway Corporation for the month of January 2020 $208,500 $58,530 Cost of goods sold Delivery expense Salries and wages expense Sales discounts 6,330 8.590 Insurance expense 11,300 Sales returns and allowances 13,350 Rent expense 19,590 Sales revenue 353.200 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) No. Date Account Titles and Explanation Debit 1. Sales Revenue Credit Jan 31 329.000 Income Summary 329.000 (To close revenue accounts) 2 Jan. 31 Income Summary 308.000 Cost of Goods Sold 200.000 Delivery Expense 7.000 Insurance Expense 12.000 Rent Expense 20.000 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) No. Date Debit Credit Account Titles and Explanation Sales Revenue 1. Jan. 31 329,000 Income Summary 329.000 (To close revenue accounts) 2 Jan 31 Income Summary 300.000 Cost of Goods Sold 208.000 Delivery Expense 7,000 Insurance Expense 12,000 Rent Expense 20.000 Sataries and Wapes Expense 61.000 Sales Returns and Allowances 13,000 Sales Discounts 3.000 (To close expense accounts) 3 Jan 31 Income Summary 1.000 Retained Earnings 21000 (To close net income/(loss)