Problem 20-4 Journalizing Closing Entries The following amounts appeared in the Income Statement section of Sunset Surfwear's work sheet. Income Statement Debit Credit 7,000 90,000 1,000 2,400 25,000 3,000 Account Name Income Summary Sales Sales Discounts Sales Returns and Allowances Purchases Transportation In Purchases Discounts Purchases Returns and Allowances Federal Corporate Income Tax Exp. Insurance Expense Miscellaneous Expense Rent Expense Supplies Expense Utilities Expense 500 1,500 5,532 300 6,000 12,000 450 14.000 99,000 69,682 29,318 Net Income 99,000 99,000 1. Record the closing entries for the year ended December 31 in the general journal. View transaction list Journal entry worksheet 1. Record the closing entries for the year ended December 31 in the general journal. View transaction list Journal entry worksheet >