(Closing Entries) Presented below is information related to Russell Corporation for the month of January 2012.
|
Cost of goods sold |
$202,000 |
Salaries and wages expense |
$ 61,000 |
|
Freight out |
7,000 |
Sales discounts |
8,000 |
|
Insurance expense |
12,000 |
Sales returns and allowances |
13,000 |
|
Rent expense |
20,000 |
Sales revenue |
340,000 |
Instructions
Prepare the necessary closing entries.