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On December 31, 20X1, the income Statement columns of the worksheet for The Sax Shop contained the following information. Assume further that the owner of

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On December 31, 20X1, the income Statement columns of the worksheet for The Sax Shop contained the following information. Assume further that the owner of the firm is Mark Fronke and that the Mork Fronke, Drawing account had a balance of $26,550 on December 31,201 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 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 31,201. Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts

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