J. D. Enterprise Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet Debit Credit Debit Credit 4,000 12,500 8,000 550 300 750 33,000 19,000 9,000 Cash Accounts Receivable Merchandise Inventory Store Supplies Office Supplies Prepaid Insurance Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Long-Term Notes Payable J. D. Allen, Capital J. D. Allen, Drawing Income Summary Sales Sales Returns and Allowances Purchases 5,000 9,000 200 18,000 25,300 16,000 8,500 8,000 29,900 250 11,500 Purchases Returns and Allowances 350 Purchases 11,500 Purchases Returns and Allowances 350 Purchases Discounts 200 Sales Salary Expense (selling) 4,600 Office Salary Expense (general) 3,500 Store Supplies Expense (selling) 650 Office Supplies Expense (general) 475 Insurance Expense (general) 525 Depreciation Expense-Store Equipment (selling) 400 Depreciation Expense-Office Equipment (general) 450 30,850 38,450 84,100 76,500 Net Income 7,600 7,600 38,450 38,450 84,100 84,100 Required: Prepare the closing entries for the merchandising firm. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 1 2 2 2 3 3 4 4 5 5 6 Dec. 31 6 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 1 Dec. 31 2 2 3 3 4 4 5 5 6 Dec. 31 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 Dec. 31 17 18 18 19 19 20 Dec. 31 20 21 21