Use the following partial worksheet to prepare the closing entries for this company

			INCOME STATEMENT			BALANCE SHEET
			DEBIT	CREDIT		DEBIT	CREDIT
CASH						30,000
ACCOUNTS RECEIVALBE						10,000
STORE EQUIPMENT						40,000
ACCUM. DEPR							5000
ACCOUNTS PAYABLE							6,500
NOTES PAYABLE							15,000
SALARIES PAYABLE							500
DRAWING						5000
CAPITAL							30,000
REVENUE				48,100
SALARIES EXPENS			5,000
INSURANCE EXPENSE			2,500
RENT EXPENSE			9,000
DEPRECIATION EXPENSE			3,600
Totals			20,100	48,100		85,000	57000
Net Income			28,000				28,000
			48,100	48,100		85,000	85000