Answer the questions below. Jeff Bouton General J oumal Page Date 2003 Particulars P. R. Debit Credit 1 2 Closing Entries 3 31 Sales Revenue 401 28, 950.00 Income Summary 310 28,950.00 31 Income Summary 310 30, 636.63 Sales Returns 402 1,380.00 Sales Discounts 403 557.18 8 10 Cost of Goods Sold 501 Advertising Expense 12,182.00 9 601 Bad Debt Expense 1,069.20| 10 605 Car Expense 610 Dep. Expense - Furniture 615 Dep. Expense - Equipment 1,649.12 13 616 Dep. Expense - Truck 969.84 14 621 Freight-out 125.49 15 625 690.00 16 nsurance Expense 630 Interest Expense 635 693.00 18 nventory Shortage 640 Loss on Sale of Assets 645 940.00 19 Maintenance Expense 650 Miscellaneous Expense 1,436.40 20 655 Rent Expense 670 164.40 21 Supplies Expense 675 358.33 22 Utilities Expense 120.00 23 680 1,750.00 24 31 J . Boulton, Capita 301 1,686.63 Income Summary 310 1, 686.63 2 31 ] . Boulton, Capital 301 2,760.00 J. Boulton, Drawing 305 2,760.00 30 i Are these the closing entries of a Periodic or Perpetual merchandise business? Explain