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On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information Credit Income Statement Section Debit 39,300 $ 42,600 Income Summary Sales 258,000 Sales Returns and Allowances 4.250 3,250 Sales Discounts Interest Income 205 Purchases Freight In Purchases Return# and Allowances 135,100 2,550 2,350 Purchases Discounts 1,600 Rent Expense Utilities Expense Telephone Expense Salaries Expense Payroll Taxes Expense 8,850 3,000 1,610 66,800 5,340 Supplies Expense Depreciation Expense Interest Expense 1,770 2,850 410 $275,080 $304,755 Totals Assume further that the owner of the firm is John Capeletti and that the John Capeletti, Drawing account had a balance of $26,550 on December 31, 2019 Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts. View transaction list Journal entry worksheet 1 3 Prepare the closing entry for revenue and other credit items. Journal entry worksheet 1 2 3 4 Prepare the closing entry for expenses and other debit items. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31, 2019 Pre 4 of 10 Next Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts. View transaction list Journal entry worksheet 1 2 Prepare the closing entry for the balance of income summary Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 View general journal Clear entry Record entry Journal entry worksheet 2 Prepare the closing entry for the drawing accoun Note: Enter debits before credits. Date General Journal Credit Debit Dec 31, 2019 Record entry View general journal Clear entry st

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