CLOSING JOURNAL ENTRIES Prepare closing journal entries for Armour Company for the year ended December 31. Data for the closing entries are as follows:

Factory overhead, debit and credit balance ........$186,250

Sales for the year .....................930,600

Interest revenue .....................920

Cost of goods sold ..................710,500

Salaries expense .....................98,100

Office supplies expense .....................3,500

Depreciation expense—office equipment ...........6,130

Utilities expense—office ................7,460

Bad debt expense .....................2,275

Advertising expense ....................9,250

Interest expense ....................8,300

Income tax expense ..................41,350