(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.