On December 31, 2019, the Income Statement section of theworksheet is shown below. The balance of Ally Logan’s drawingaccount is $32,000.
| INCOME STATEMENT COLUMNS |
| ACCOUNT NAME | DEBIT | CREDIT |
| Income Summary | $ | 63,000 | | $ | 69,000 | |
| Sales | | | | | 250,000 | |
| Sales Returns and Allowances | | 6,100 | | | | |
| Interest Income | | | | | 760 | |
| Purchases | | 87,000 | | | | |
| Freight In | | 3,900 | | | | |
| Purchases Returns and Allowances | | | | | 2,900 | |
| Purchases Discounts | | | | | 3,500 | |
| Sales Salaries Expense | | 53,000 | | | | |
| Office Salaries Expense | | 20,100 | | | | |
| Office Supplies Expense | | 860 | | | | |
| Utilities Expense | | 5,100 | | | | |
| Payroll Taxes Expense | | 2,700 | | | | |
| Uncollectible Accounts Expense | | 2,800 | | | | |
| Depr. Expense - Office Equipment | | 900 | | | | |
| Totals | | 245,460 | | | 326,160 | |
| Net Income | | 80,700 | | | | |
| $ | 326,160 | | $ | 326,160 | |
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Prepare the closing entries that should be made in the generaljournal.
Journal entry worksheet
Record entry to transfer sales, interest, purchases return andallowances and purchase discounts to income summary.
Note: Enter debits before credits.
Date General Journal Debit Credit
Dec 31, 2019
