Problem 5-03A a-c Cullumber Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Cost of Goods Sold Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Unadjusted Adjusted $25,300 $25,300 30,000 30,000 33,000 44,000 27,000 27,000 512,000 512,000 5,900 5,900 145,500 145,500 11,000 7,900 6,200 6,200 2,000 2,000 30,000 30,000 Notes payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense Sales Revenue Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Utilities Expense Unadjusted Adjusted $35,500 $35,500 95,000 95,000 9,500 9,500 10,700 2,800 2,500 2,500 15,000 15,000 96,000 96,000 720,000 720,000 6,500 11,000 4,500 8,000 8,000 8,500 8,500 Your answer is partially correct. Try again. Journalize the closing entries that are necessary. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 Sales Revenue 720000 Interest Revenue 2000 Income Summary 722000 (To close accounts with credit balances) Nov. 30 Income Summary x Cost of Goods Sold Freight-Out x Utilities Expense Salaries and Wages Expense x Rent Expense Sales Commissions Expense Depreciation Expense Insurance Expense Property Tax Expense Interest Expense (To close accounts with debit balances) Nov. 30 Income Summary cd cd coco lol x (To close net income / (loss)) Nov. 30 Owner's Capital Owner's Drawings (To close drawings)