Following is the partial work sheet for Garvey Upholstery for P.O. 2 the fiscal year ending December 31 of this year:

Instructions Journalize the closing entries with the four steps in the proper sequence.
Check Figure Debit to income summary, second entry, $95,580

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ACCOUNT NAME . Cash 2 Accounts Receivable. 3 Supplies 4 Equipment 5 6 Truck 7 8 Accumulated Depreciation, Equipment Accumulated Depreciation, Truck Accounts Payable 9 L. Murren, Capital 10 L. Murren, Drawing 1 Service Income 2 Wages Expense 3 Rent Expense 14 Truck Operating Expense 5 Telephone Expense 16 Supplies Expense 7 Depreciation Expense, Equipment 18 Depreciation Expense, Truck 19 20 Net Loss 21 22 23 INCOME STATEMENT DEBIT BALANCE SHEET CREDIT DEBIT 1360000 CREDIT 1 720000 273200 2 3 1688000 4 11704 00 5 12 760 00 6 781600 7 256000 8 70 3 9 2 00 9 38 40 000 10 94 6 80 00 11 73 68000 960000 744000 72000 90800 130400 192800 12 13 14 15 16 17 18 95 58000 94 68000 90000 915 7 200 90000 92 4 72 00 19 20 95 58000 95 5 8 000 92 47 200 92 4 7 2 00 21 22 23