Exercise $13\mathrm{.}6($Static$)$ Recording closing entries. LO $13-5$On December $31,20$X$1,$ the Income Statement columns of the worksheet for Jims Music Emporium contained the following information.Income Statement ColumnsDebitCreditIncome Summary$ $40,000$$ $43,000$Sales $295,500$Sales Returns and Allowances$4,400$ Sales Discounts$3,600$ Interest Income $230$Purchases$135,200$ Freight In$2,700$ Purchases Returns and Allowances $1,500$Purchases Discounts $2,630$Rent Expense$25,200$ Utilities Expense$3,630$ Telephone Expense$1,940$ Salaries Expense$68,100$ Payroll Taxes Expense$5,370$ Supplies Expense$1,580$ Depreciation Expense$4,000$ Interest Expense$420$ Totals$ $296,140$$ $342,860$Assume further that the owner of the firm is Jim Landis and that the Jim Landis, Drawing account had a balance of $$40,700$ on December $31,20$X$1.$Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.