3. Presented below is information related to Shannon Corporation for the month of January 2021. Cost of goods sold $361,000 Salaries and Wages expense $201,000 Freight-out 22,500 Sales discounts 31,000 Insurance expense 12,000 Sales returns and allowances 21,500 Rent expense 32,000 Sales 812,000 Instructions: Prepare the necessary closing entries using good journal entry form.