Presented below is information related to Crowe Corporation for the month of January 2014.
Cost of goods sold .............. $361,000
Freight-out ................. 22,500
Insurance expense .............. 12,000
Rent expense ............... 32,000
Salaries and Wages expense .......... $201,000
Sales discounts ............... 31,000
Sales returns and allowances ........ 21,500
Sales ................... 812,000

Instructions
Prepare the necessary closing entries.