The Income Statement columns of the work sheet of G. J. Hanson P.O. 2 Company for the fiscal year ended June 30 appear below. During the year, G. J.

Hanson withdrew $52,000. Journalize the closing entries.

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INCOME STATEMENT ACCOUNT NAME DEBIT 10 Service Revenue 11 Concession Income 12 Wages Expense 13 Advertising Expense 14 Rent Expense 15 Supplies Expense 16 Taxes Expense 17 Miscellaneous Expense 18 19 Net Income 20 31 000 00 CREDIT 72 000 00 14 000 00 300000 800000 200000 200000 100000 4700000 86 000 00 3900000 8600000|| 8600000