Need Help creating Journal Entry 7

7. The company has asked you to create the journal entry to close the income statement accounts (presented in Exhibit 2) on December 31, 2019. Exhibit 2: Be Jeweled, Inc. Pre-Closing (and Before Equity JEs) Account Balances YE 2019 Debit Credit 1,410 410 18,200 Cash 448,887 Accounts Receivable 70,498 Allowance for Doubtful Accounts Merchandise Inventory 148,590 Prepaid Insurance Building 249,600 Accumulated Depreciation--Building Display Equipment 2,232 Accumulated Depreciation--Display Equipment Accounts Payable Salaries and Wages Payable Bank Loan Payable Mortgage Note Payable Common Stock (14,000 shares issued at PAR value) Retained Earnings Sales Revenue Cost of Goods Sold 422,988 Salaries & Wages Expense 134,270 Supplies Expense 2,433 Insurance Expense 2,460 Bad Debt Expense 1,520 Depreciation Expense 6,463 Interest Expense 17,017 Income Tax Expense 24,744 651 8,966 4,122 170,000 157,248 140,000 326,535 704,980 $ 1,532,112 $ 1,532,112