Us the following information to prepare closing journal entries. All of the accounts have normal balances. Not all accounts need to be closed. Use a separate page for this problem.

Crowley Company has the following ledger accounts and adjusted balances as of December 31, 2019. All accounts have normal balances.

Accounts Payable. 28,125

Accounts Receivable 202,500

Accumulated Depreciation-Building 56,250

Administrative Expenses. 60,750

Allowance for Doubtful Accounts.. 22,500

Bonds Payable (Mature 2025). 281,250

Building 416,250

Cash. 28,000

Common Stock 500,000

Cost of Goods Sold. 450,000

Dividends 18,000

Loss on Sale of Land. 21,000

Income Tax Expense. 40,000

Interest Revenue.. 22,500

Inventory.. 315,000

Land. 258,750

Patent 33,750

Prepaid Rent. 11,250

Retained Earnings, January 1, 2019 247,000

Sales Revenue. 800,000

Selling Expenses. 112,500