The following transactions occurred during 2020 in the order shown (use the number at the left in place of a date). 1. Sales revenue was $30,000, of which $10,000 was on credit; the cost, provided using perpetual inventory, was $19,500. 2. Collected $17,000 cash on accounts receivable. 3. Paid $4,000 cash toward income taxes payable (2019). 4. Purchased $40,000 of merchandise, of which $8,000 was on credit. 5. Paid $6,000 cash toward accounts payable. 6. Sales revenue was $72,000 (in cash); cost was $46,800. 7. Paid $19,000 cash in operating expenses. 8. On July 1, 2020, issued 1,000 shares of common stock, par $1, for $1,000 cash. 9. Purchased $100,000 of merchandise, of which $27,000 was on credit. 10. Sales revenue was $98,000, of which $30,000 was on credit; cost, $63,700. 11. Collected $26,000 cash toward accounts receivable. 12. Paid $28,000 cash toward accounts payable. 13. Paid $18,000 cash for various operating expenses. Journal Entries T-Accounts Unadjusted Trial Balance Adjusting Journal Entries T-Accounts after Adjusting Journal Entries Adjusted Trial Balance Financial Statements Closing Journal Entries T-Accounts After Closing Journal Entries Post-Closing Trial Balance h. Prepare the closing entries, using the Income Summary account to close out revenues and expenses. Note: List multiple debits or credits (when applicable) in alphabetical order according to the first letter of the account name. Dr. Cr. General Journal Account Name Accounts Receivable Cash 0 0 0 0 To close out sales revenue. Cash 0 0 0 0 0 0 0 0 To close out expenses. 0 0 0 0 To close out income summary