Transaction and Accounts Affected Debit Amount Credit Amount Journal Entries (Record on Left) (Record on Right) 1. purchase $335,000 $335,000 Accounts payable 2. $220,000 $220,000 Accounts receivable Sales revenue 3. $170,000 $170,000 cash accounts receivable 4. N/A $160,000 $160,000 $255,000 $255,000 $275,000 $275,000 $34,000 $34,000 5. cash sales 6. Accounts payable cash 7. COGS Inventory 8. salaries cash 9. interest cash 10. depreciation accumulated depreciation 11. Income tax Income tax payable $3,000 $3,000 $5000 $5000 X E. Show the closing journal entry. Accounts Affected Debit Amount Credit Amount