SheffieldCompany has the following account balances: Sales Revenue $192,700, Sales Discounts $2,710, Cost of Goods Sold $128,400, and Inventory $55,200.

Prepare the entries to record the closing of these items to Income Summary.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Enter an account title to close accounts with credit balances

Enter a debit amount

Enter a credit amount

Enter an account title to close accounts with credit balances

Enter a debit amount

Enter a credit amount

(To close accounts with credit balances)

Enter an account title to close accounts with debit balances

Enter a debit amount

Enter a credit amount

Enter an account title to close accounts with debit balances

Enter a debit amount

Enter a credit amount

Enter an account title to close accounts with debit balances

Enter a debit amount

Enter a credit amount

(To close accounts with debit balances)