1. Record the closing entry for revenue accounts

2. record the closing entry for expense accounts

CueLk My WUIR On January 1, 2021, Displays Incorporated had the following account balances: Credit Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (7%, due next year) Common stock Retained earnings Totals Debit $ 26,000 23,000 29,000 66,000 231,000 $ 26,000 24,000 190,000 135,000 $375,000 $375,000 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $334,000. b. Sold inventory on account for $590,000. The cost of the inventory sold was $314,000. C. Received $556,000 from customers on accounts receivable. d. Paid freight on inventory received, $28,000. e. Paid $324,000 to inventory suppliers on accounts payable of $333,000. The difference reflects purchase discounts of $9,000. f. Paid rent for the current year, $46,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $154,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $7.000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $22.000