2. The following is the list of the temporary accounts and their balances from the adjusted trial balance. Account I Balance Sales Revenue $120,000 Interest Income 10,000 Dividend Revenue 15,000 Rent Income 20,000 Sales Returns and Allowances 15,000 Sales Discounts 5,000 Cost of the Goods Sold 80,000 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 4,000 Dividends Journalize the closing entries. Determine the net sales, gross profit, gross profit margin and net income. (25 points) Closing entry for the revenues: