Continuing with Pink Moron Housebelow are select account balances from CCHs adjusted trial balance as at December 31, 2020. All accounts have their normal balance.

REQUIRED: Prepare the closing entries for 2020.

S $ Account Cash Sales Unearned Revenue Interest Revenue Depreciation Expense - Car A. Cedarholm, Drawings Balance Account 20,500 Cost of Goods Sold 200,000 Sales Returns and Allowances 10,000 Sales Discounts 1,000 Accumulated Depreciation - Car 5,000 Salaries Expense 1,000 A. Cedarholm, Capital Balance 100,000 5,000 8,000 60,000 75,000 32,000