Closing Entries E3-14 (Closing Entries) of January 2010. Presented below is information related to Russell Corporation for the month Cost of goods sold Freight-out Insurance expense Rent expense 61,000 8,000 13,000 340,000 $202,000 Salary expense 7,000 Sales discounts 12,000 Sales returns and allowances 20,000 Sales Instructions Prepare the necessary closing entries