Exercise 13.6 (Algo) Recording closing entries. LO 13-5 On December 31, 20X1, the Income Statement columns of the worksheet for The Sax Shop contained the following information. Income Statement Columns Income summary Sales Debit Credit $ 39,300 $ 42,600 258,000 Sales returns and allowances 4,250 Sales discounts 3,250 Interest income 205 Purchases 135,100 Freight in 2,550 Purchases returns and allowances 2,350 Purchases discounts 1,600 Rent expense 8,850 Utilities expense 3,000 Telephone expense 1,610 Salaries expense 66,800 Payroll taxes expense Supplies expense Depreciation expense Interest expense Totals 5,340 1,770 2,850 410 $275,000 $304,755 Assume further that the owner of the firm is Mark Fronke and that the Mark Fronke, Drawing account had a balance of $26,550 on December 31, 20X1. Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.