On December 31, 20X1, the Income Statement columns of the worksheet for Jim's Music Emporium contained...

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On December 31, 20X1, the Income Statement columns of the worksheet for Jim's Music Emporium contained the following information. Income Statement Columns Income Summary Debit $ 40,000 Credit $ 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 1,940 68,100 5,370 Supplies Expense 1,580 4,000 420 $ 296,140 $ 342,860 Telephone Expense Salaries Expense Payroll Taxes Expense: Depreciation Expense Interest Expense Totals 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, 20X1. Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts. On December 31, 20X1, the Income Statement columns of the worksheet for Jim's Music Emporium contained the following information. Income Statement Columns Income Summary Debit $ 40,000 Credit $ 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 1,940 68,100 5,370 Supplies Expense 1,580 4,000 420 $ 296,140 $ 342,860 Telephone Expense Salaries Expense Payroll Taxes Expense: Depreciation Expense Interest Expense Totals 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, 20X1. Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.