The following information is available for Elizabeth Company:

		Debit		Credit
Owners Capital				$44,000
Owners Drawings		$20,240
Sales Revenue				440,000
Sales Returns and Allowances		17,600
Sales Discounts		6,600
Cost of Goods Sold		265,760
Freight-Out		2,024
Advertising Expense		13,200
Interest Expense		16,896
Salaries and Wages Expense		46,640
Utilities Expense		15,840
Depreciation Expense		7,920
Interest Revenue				15,840

Using the above information, prepare the closing entries for Elizabeth Company.