Closing Journal Entries The following data is for Koehn Company: Factory overhead, debit and credit balances $200,000 875,000 Sales for the year Interest revenue 900 Cost of goods sold 580,000 Salaries expense Office supplies expense Depreciation expense-office equipment Utilities expense-office Bad debt expense Advertising expense Interest expense Income tax expense 98,000 2,400 5,900 6,300 2,100 9,000 10,000 33,000 Prepare closing Journal entries for Koehn Company for the year ended December 31. Page: 1 DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 Dec. 31 Income Summary 1 2 Factory Overhead (Subsidiary ledger accounts) 2 3 3 Close factory overhead subsidiary accounts Dec. 31 Factory Overhead 4 4 Income Summary 5 6 Close factory overhead Sales 7 Dec. 31 7 8 Interest Revenue 5 Income Summary 5 6 6. Close factory overhead 7 Dec. 31 Sales 7 8 Interest Revenue 8 9 Income Summary 9 10 Close revenue accounts 10 11 Dec. 31 Income Summary 11 12 Cost of Goods Sold 12 13 Salaries Expense 13 14 Office Supplies Expense 14 15 15 Depreciation Expense Office Equipment Utilities Expense-Office 16 16 Bad Debt Expense 17 18 Advertising Expense 18 Interest Expense 19 19 20 Income Tax Expense 20 21 21 Close expense accounts Income Summary 22 Dec 31 22 23 23 Retained Earnings 24 Close income summary 24 Feedback