Reference no: EM132964703

Question - Closing Entries - The income statement columns of Swanson Company's year-end worksheet are as follows:

Sales $600,000

Sales Returns and Allowances 30,000

Accounts Receivable 120,000

Cost of Goods Sold 475,000

Freight out 4,000

Advertising Expense 8,000

Accounts Payable 25,000

Rent Expense 32,000

Office Supplies 1,800

Store Salaries Expense 63,000

Utilities Expense 12,000

Amortization Expense 5,000

Merchandise Inventory 31,000

Sargent, Capital 121,000

Sargent, Drawings 6,000

Required - Prepare the end of the period closing entries for the Swanson.