Question: Please help me solve this with explanations. Thanks. 3. Presented below is information related to Shannon Corporation for the month of January 2021. Cost of

Please help me solve this with explanations. Thanks.

3. Presented below is information related to Shannon Corporation for the month of January 2021. Cost of goods sold $361,000 Salaries and Wages expense $ 201,000 Freight-out 22,500 Sales discounts 31,000 Insurance expense 12,000 Sales returns and allowances 21,500 Rent expense 32,000 Sales 812,000 Instructions: Prepare the necessary closing entries using good journal entry form

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