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. Before closing journal entries, Entity T had the following balances at December 31, 2019: Sales revenue $65,000 Cost of goods sold 40,000 Salaries expense

. Before closing journal entries, Entity T had the following balances at December 31, 2019:

Sales revenue $65,000
Cost of goods sold 40,000
Salaries expense 5,000
Rent expense 3,000
Other expenses 2,000
Retained earnings before closing 21,000
  1. Prepare journal entries to close revenue and expense accounts.
  2. Journal entry to close expense accounts
  3. Income summary account before the balance transfer to retained earnings

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