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

Factory overhead, debit and credit balance .......$193,460

Sales for the year .................840,300

Interest revenue ....................800

Cost of goods sold .................560,400

Salaries expense ..................93,800

Office supplies expense .................2,200

Depreciation expense—office equipment ..........5,800

Utilities expense—office ...............6,100

Bad debt expense ....................1,940

Advertising expense ...................8,700

Interest expense ....................9,600

Income tax expense .................. 32,900