The following is the adjuested trial balance of Jason Merchabdisers at December 31, 2018. The company has a 12 month fiscal period ending December 31.

Inventory on December 32, 2018 is $6,200

534000 4.000 3000 2.000 1.200 10.000 $2.500 7.000 Accounts Receivable Inventory rary 1 2018 S.co Prepaid Insurance Future Accumulate depreciation Furniture Accounts Payable Salaries Payable Interest Payable Unaamad Sales Here 2. Jaye Capital Jay Windows Sales revenue Sales Discount Sales Roms 9.000 1.000 22.500 2000 50.000 2.400 1.200 P. 35 000 Freight Paras Discounts 500 500 2000 GOGO Purchase Returns Stary Expense Insurance Interest Expense Depreciation Expertemu Lentes Expose 8.000 1.000 300 TOTAL $123 $12.00 1. Calculate the following components of Cost of Goods Sold for Jason Merchandisers: 1) Cost of goods purchased. ii) Cost of goods available for sale: iii) Cost of goods sold: 2. Calculate the following components of closing entries for Jason Merchandisers: i) 1st closing entry amount in Income Summary account for December 313 ii) 2nd closing entry amount in Income Summary account for December 31: in) 3rd closing entry amount in Income Summary account for December 31 iv) Indicate whether income is DEBIT OR CREDIT for the 3rd closing entry