Prepare compound closing entries from the following information on the Thamesford Storage Company income statement columns from the worksheet.

INCOME STATEMENT

Debit Credit

Sales 34

Sales Ret. and Allow. 2

Cost of Goods Sold 22

Interest Revenue 3

Sales Salaries Expense 5

Office Salaries Expense 2

I am having trouble with this question, and am not understanding the answer that was provided on this website. I need to close accounts to the income summary but there is no income summary? Pls help