2. The following is the list of the temporary accounts and their balances from the adjusted trial balance. 2000 Account Balance Sales Revate $120.000 Interest Income 10.000 Dividend Revenue 15,000 Rent Income Sales Returns and Allowances 35.000 Sales Discounts 5.000 Cost of the Goods Sold 0.000 Advertising Expense 7.000 Freight-Out 3.000 Utilities Expense 1 500 Insurance Expense 6.900 Store Supplies Expense 4.000 Salaries and Waves Experte 15.000 Depreciatim lapen Spam 1.000 Dividends 4,000 Journalize the closing entries. Determine the net sales, gross profit, gross profit margin and net income. (25 points) Closing entry for the revenues: Sales revenue 145.000 Income summary 145.000 Closing entry for the expenses: lancar 140,000 Advertising 17.000 Freight-Out 13.000 Utilities Expenset 5.500 Insurance Experte 16,500 Store Supplies Expense 14.000 Salaries and Wages Expense 15.0001 Desain pense Stare 1.000 13.00 los Returns and Allow Sales Discounts 5,000 Cost of the Goods Sold 40.000 Closing entry for the expenses: Income summary 140.000 Advertising Expense 7.000 Freight-Out 3,000 Utilities Expense 3,500 Insurance Expense 6,500 Store Supplies Expense 4.000 Salaries and Wages Expense 15,000 Depreciation Expense-Store Equipment 1,000 Sales Returns and Allowances 15.000 Sales Discounts 5.000 Cost of the Goods Sold 80,000 Closing entry for the income summary: 15.000 Income summary Retained earnings 5.000 Closing entry for the dividends: Retained eranings 1.000 Dividens 1.000 Net Sales =100.000 Gross Profit =100.000-80.000=20.000 Gross Profit Margin =20% Net Income =145.000-140.000=5.000