1. record the entry to close the revenue accounts.

2. record the entry to close the expense accounts.

On January 1,2024, the general ledger of TNT Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 1 purchase equipment for $19,700. The company estimatee a residual value of 51,700 and a five-year service January \& Pay cash on accounte payable, $9,700. January o Purchase additional inventegry on account, $84,900. January is Receive eash on accounts rdceivable, $22,200. January 19 pay cash for salaries, $30,000. January 28 Pay cash for January utilitiea, $16,700. January 30 Firework sales for January total $222,000. All of these sales are on account. The cost of the units sold is $116,000. The following information is available on January 31,2024. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $5,860 for estimated future uncollectible accounts. c. The company has accrued interest on notes recelvable for January. d. Unpaid salaries owed to employees at the end of January are $32,800. e. The company accrued income taxes at the end of January $9,200