Below are selected account balances from the December 31, 2018 trial balance of the Austin Company. Inventory at December 31, 2022 is $1,500.

Debit Credit

Inventory, January 1, 2022 $2,500

Purchases 5,000

Selling expenses 500

General and administrative expenses 750

Sales $10,000

Income tax expense 1,100

Dividends distributed 500

Required: Using a general journal format, prepare appropriate closing entries