Section 2: Closing Entries 24 Pts.: The trial balance of Jones's Sports Wear shop at 12/31 shows Inventory $25,000, Retained Earnings $50,000, Sales Revenue $162,400 Sales Return & Allowances $4,800, Sales Discounts $3,600, Cost of Goods Sold S162,400, Rent Revenue $6,000, Rent Expense $8,800, Utilities Expense $1,500, and Salaries & Wages Expense $22,000. Prepare the Closing General Journal Entry