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 Sales returns and allowances Sales discounts Tnterest income Purchases Freight in Purchases returns and allowances Purchases discounts Rent expense Utilities expense Telephone expense Salaries expense Payroll taxes expense Supplies expense Depreciation expense Interest expense Totals Dobit Credit $ 39,500 $ 42,900 259,500 4,400 3,400 220 135, 400 2,700 2,500 1,630 9,000 3.030 1.540 67,100 5,370 1, 308 3,000 446 $276, BB0 $306,750 Assume further that the owner of the firm is Mark Fronke and that the Mark Fronke, Drawing account had a balance of $26,700 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 Assume Turt December 31, 20X1. 0 Prepare the entries that should be made in the general journal to close t accounts. View tillsaction list X 1 Record the closing entry for revenue and other credit items. 2 Record the closing entry for expenses and other debit items. 3 Record the closing entry for the balance of income summary: 4 Record the closing entry for the drawing account. Note : = journal entry has been entered