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

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 $7,500Prepare the entries to close the revenue and expense accounts at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Tilies and Explanation Debit Credit Dec. 31 (To close revenue.) Dec. 31 (To close expense.)