Star by closing the revenue accounts for this period.

Data Table - Cash $ 55,000 700,000 Cost of Goods Sold Accounts Payable Rent Expense Building Rockwall Capital Merchandise Inventory Estimated Returns Inventory $ 375,000 14,000 31,000 111,000 11,000 Sales Revenue Depreciation Expense Building Rockwall, Withdrawals Interest Revenue Refunds Payable Sales Discounts Forfeited Delivery Expense 52,000 5,000 147,600 242,000 1,500 4,200 1,200 500 Notes Receivable Accumulated Depreciation Building 32.000 39.000 Requirement 1. Journalize the required closing entries for Rockwall. (Record debits first, then credits. Select the explanation on the Start by closing the revenue accounts for the period. Do not close expenses, we will do this in the next step, Date Accounts and Explanation Debit Credit Dec 31