The income statement for Pierre Paul Company for the year ended December 31, 2020 is as follows:

PIERRE PAUL COMPANY

Income Statement

For the Year Ended December 31, 2020

Revenues

Sales revenue

$53,000

Interest revenue

4,000

Total revenues

$57,000

Expenses

Cost of goods sold

30,000

Salaries and wages expense

18,000

Interest expense

1,500

Total expenses

49,500

Net Income

$7,500

Please help me Prepare the entries to close the revenue and expense accounts at December 31, 2020.