Presented below is information related to Gonzales Corporation for the month of January 2014.

Cost of goods sold	$208,000	Salaries and wages expense	$61,000
Delivery expense	7,000	Sales discounts	8,000
Insurance expense	12,000	Sales returns and allowances	13,000
Rent expense	20,000	Sales revenue	350,000

Instructions

Prepare the necessary closing entries.

When you do this do they gave to balance out? I am lost on this. I really need help.