PROBLEM 4-Closing entries The following information is available for Potts Company Debit Credit $ 50,000 $ 30,000 520,000 20.000 Potts, Capital Potts, Drawing Sales Revenue Sales Returns and Allowances Cost of Goods Sold Freight-out Store Salaries Expense Utilities Expense Depreciation Expense Interest Revenue 345,000 2.000 45,000 18.000 10,000 25,000 Instructions: Using the above information, prepare the closing entries for Potts Company GENERAL JOURNAL DATE J14 CREDIT ACCOUNT TITLE REF. DEBIT