2. On January 1, Yrl, Zack established his business as a sole proprietorship with an initial cash investment of $75,000. For the current year, the business hod revenues of $60,000 and expenses of $50,000, resulting in a profit of $10,000. Make the general journal entry to record the establishment of the proprietorship. Also, prepare the closing entries at the end of the year. General Journal Credit Date Account Titles Debt Ref