On December 31, 20X1, the Income Statement columns of the worksheet for Jims Music Emporium contained the following information.

Assume further that the owner of the firm is Jim Landis and that the Jim Landis, Drawing account had a balance of $26,150 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.

\begin{tabular}{lrr} Income Statement Columns & Debit & Credit \\ Income Summary & $38,500 & $41,800 \\ Sales & & 254,000 \\ Sales Returns and Allowances & 3,850 & \\ Sales Discounts & 2,850 & 165 \\ Interest Income & 134,300 & \\ Purchases & 2,150 & 1,950 \\ Freight In & & 1,520 \\ Purchases Returns and Allowances & & \\ Purchases Discounts & 8,450 & \\ Rent Expense & 2,920 & \\ Utilities Expense & 1,530 & \\ Telephone Expense & 66,000 & \\ Salaries Expense & 5,260 & \\ Payroll Taxes Expense & 1,690 & \\ Supplies Expense & 2,450 & \\ Depreciation Expense & 330 & \\ Interest Expense & $270,280 & $299,435 \\ Totals & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Answer is complete but not entirely correct. } \\ \hline No & Date & Genera & & Debit & Credit \\ \hline \multirow[t]{5}{*}{1} & December 31, 20X & Sales & 2 & 254,000 & \\ \hline & & Interest income & & 165 & \\ \hline & & Purchases returns and allowances & 2 & 1,950 & \\ \hline & & Purchases discounts & 2 & 1,520 & \\ \hline & & Income summary & 2 & & 257,635 \\ \hline \multirow[t]{13}{*}{2} & December 31, 20X & Income summary & 2 & 231,780 & \\ \hline & & Sales returns and allowances & 2 & & 3,850 \\ \hline & & Purchases & 2 & & 134,300 \\ \hline & & Freight in & 2 & & 2,150 \\ \hline & & Salaries expense & & & 66,000 \\ \hline & & Supplies expense & 2 & & 1,690 \\ \hline & & Depreciation expense & & & 2,450 \\ \hline & & Rent expense & 2 & & 8,450 \\ \hline & & Utilities expense & 2 & & 2,920 \\ \hline & & Telephone expense & 2 & & 1,530 \\ \hline & & Payroll taxes expense & 2 & & 5,260 \\ \hline & & Interest expense & 2 & & 330 \\ \hline & & Sales discounts & 2 & & 2,850 \\ \hline \multirow[t]{2}{*}{3} & December 31, 20X & Income summary & 2 & 231,780 & \\ \hline & & Jim Landis, Capital & 2 & & 231,780 \\ \hline \multirow[t]{2}{*}{4} & December 31, 20X & Jim Landis, Capital & 2 & 29,155 & \\ \hline & & Jim Landis, Drawing & 2 & & 26,150 \\ \hline \end{tabular}