financial accounting

Q3. (25 marks) The amounts below appeared in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. In the space provided record the closing entries on December 31 (no explanations are necessary). Income Statement Debit Credit Cash Accounts receivable Liabilities Kate Smith, capital Kate Smith, withdrawals Sales Salaries expense Other operating expenses Balance Sheet Debit Credit 7,500 4,500 3.000 7,500 1,500 19,500 11,250 5,250 16,500 3,000 19,500 19,500 13.500 Net income 10,500 3.000 13,500 19.500 13,500