Swifty Company has the following account balances: Sales Revenue $$194,700,$ Sales Discounts $$3,110,$ Cost of Goods Sold $$134,400,$ and Inventory $$50,800.$

Prepare thie entries to record the closing of these items to Income Summary under the perpetual inventory system. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

$($To dose accounts with credit balances$)$

$($To close accounts with debit balances$)$

eTextbook and Media

List of Accounts