From the partial worksheet in Figure 12.12, journalize the closing entries for December 31 for C. Blossom Co.

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C. BLOSSOM CO. WORKSHEET FOR YEAR ENDED DECEMBER 31, 201x Income Statement Balance Sheet Account 19600 453 00 Merchandise Invento Prepaid Advertising Prepaid Insurance Office Equipment Accum. Dep., Office Equipment Accounts Payable C. Blossom, Capital Income Summary 2 s900 108 600 2 35 600 22400 262 500 6 550700 Sales Returns and Allowances Sales Discounts 10300 103 00 Purchases Returns and Allowances Purchases Discount Salaries Expense Insurance Expense Utilities Expense Plumbing Expenses 2 108 700 69600 Advertising Expense Dep. Expenses, Office Equip. Salaries Payable 23400 604000232000151400 80600 04000 6040002 2 32000 80600 Net Income 23 2000 23 2 000