Presented below is information related to Gonzales Corporation for the month of January 2020.

Instructions

Prepare the necessary closing entries.

Transcribed Image Text:

Cost of goods sold Delivery expense Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $ 61,000 $208,000 7,000 8,000 13,000 12,000 20,000 350,000