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Please help me with this :) On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Income

Please help me with this :)

On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information.

Income Statement Section Debit Credit
Income Summary $ 38,200 $ 41,500
Sales 252,500
Sales Returns and Allowances 3,700
Sales Discounts 2,700
Interest Income 150
Purchases 134,000
Freight In 2,000
Purchases Returns and Allowances 1,800
Purchases Discounts 1,490
Rent Expense 8,300
Utilities Expense 2,890
Telephone Expense 1,500
Salaries Expense 65,700
Payroll Taxes Expense 5,230
Supplies Expense 1,660
Depreciation Expense 2,300
Interest Expense 300
Totals $ 268,480 $ 297,440

Assume further that the owner of the firm is John Capeletti and that the John Capeletti, Drawing account had a balance of $26,000 on December 31, 2019.

Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedSide note: Please only use these terms.

Depreciation expense

Freight in

Income summary

Interest expense

Interest income

John Capeletti, Capital

John Capeletti, Drawing

Payroll taxes expense

Purchases

Purchases discounts

Purchases returns and allowances

Rent expense

Salaries expense

Sales

Sales discounts

Sales returns and allowances

Supplies expense

Telephone expense

Utilities expense

Journal entry worksheet 2 3 4 Prepare the closing entry for revenue and other credit items. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 1 Prepare the closing entry for expenses and other debit items. Note: Enter debits before credits. Date General Journal Credit Debit Dec 31, 2019 Journal entry worksheet 2 3 4 1 Prepare the closing entry for the balance of income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Prepare the closing entry for the drawing account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 View general journal Record entry Clear entry

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