The following account balances appeared in the Income Statement section of the work sheet of Shutterbug Cameras.

Instructions 

1. Journalize the closing entries for the year ended December 31. Start with page 14 of a general journal (in your working papers).

2. Post the closing entries to the general ledger accounts, which are included in your working papers.

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ACCT NO. ACCOUNT NAME 20 310 Income Summary 21 401 Sales 22 410 Sales Returns and Allowances 23 501 Purchases 24 505 Transportation In 25 510 Purchases Discounts 26 515 Purchases Returns and Allowances 27 620 Federal Corporate Income Tax Exp. 28 645 Miscellaneous Expense 29 650 Rent Expense 30 660 Supplies Expense 31 670 Utilities Expense 32 33 Net Income 34 35 INCOME STATEMENT DEBIT CREDIT 400000 15000000 500000 9000000 500000 100000 150000 470000 30000 600000 163000 300000 119 63000 15250000 3287000 15250000 15250000