Problem. 1: The following information is available for Potts Company: Debit Credit

Potts, Capital $ 50,000

Potts, Drawing $ 32,000

Sales 510,000

Sales Returns and Allowances 20,000

Sales Discounts 7,000

Cost of Goods Sold 347,000

Freight-out 2,000

Advertising Expense 15,000

Interest Expense 19,000

Store Salaries Expense 45,000

Utilities Expense 18,000

Depreciation Expense 7,000

Interest Revenue 25,000

Instructions: Using the above information, prepare the closing entries for Potts Company.