The following information is available for Liu Company Debit Credit $ 50,000 Owner's Capital Owner's Drawings Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue 23,000 500,000 20,000 7,500 302,000 2,300 15,000 19,200 53,000 18,000 9,000 18,000 Instructions: Using the above information, prepare the closing entries for Liu Company General Journal Account titles &explanation Ref. Debit Date