Presented below is information related to Gonzales Corporation for the month of Ja Cost of goods $208,00 Salaries and wages expense $ 61 sold 0 Delivery expense 7,000 Sales discounts 8 Insurance expense 12,000 Sales returns and allowances 13 Rent expense 20,000 Sales revenue 350 Instructions Prepare the necessary closing entries. Date Account Titles Debit Credit (Closing Entries) Jan. 31 Sales Revenue 350000 Sales Discount 8000 Sales Returns and Allowances 13000 Income Summary 329000 (to close revenue account) Jan. 31 Income Summary 308000 Delivery Expense 7000 Insurance Expense 12000 Salaries and Wages Expense 61000 Rent Expense 20000 Cost of Goods Sold 208000 (to close expense account) Jan. 31 Income 21000 Retained Earnings 21000 ( to close retained earnings account)