No. Date Account Titles and Explanation Debit Credit 1. Jan. 31 Sales Revenue 364,500 Income Summary 364,500 (To close revenue accounts) 2. Jan. 31 Income Summary Sales Returns and Allowances 14,240 Sales Discounts 8,050 Cost of Goods Sold 210,500 Delivery Expense 7,060 Insurance Expense 12,530 Rent Expense 19,870 Salaries and Wages Expense 60,200 (To close expense accounts) 3. Jan. 31 Income Summary Retained Earnings (To close net income / (loss)) View Policies Current Attempt in Progress Presented below is information related to Skysong Corporation for the month of January 2020. $60,200 Cost of goods sold Delivery expense Insurance expense Rent expense 8,050 $210,500 7,060 12,530 19,870 Salaries and wages expense Sales discounts Sales returns and allowances 14,240 364,500 Sales revenue Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credit 1 Jan. 31 Sales Revenue 364,500 Income Summary 364,500 (To close revenue accounts) 2. Jan. 31 Income Summary Sales Returns and Allowances 14,240 Sales Discounts 8,050 Cost of Goods Sold 210,500 Delivery Expense 7060