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question on december 31 2016 the income statement section of the worksheet for soto 4278571


On December 31, 2016, the Income Statement section of the worksheet for Soto Company contained the following information. Debit Credit Income Statement Section 38,100 41,400 Income Summary 252,000 Sales 3,650 Sales Returns and Allowances Sales Discounts 2,650 Interest Income 145 133,900 Purchases 1,950 Freight In Purchases Returns and Allowances 1,750 Purchases Discounts 1,480 8,250 Rent Expense Utilities Expense 2,880 Telephone Expense 1.490 Salaries Expense 65,600 Payroll Taxes Expense 5,220 1,650 Supplies Expense 2,250 Depreciation Expense Interest Expense 290 267,880 296,775 Totals Assume further that the owner of the firm is Armando Soto and that the Armando Soto, Drawing account had a balance of $25,950 on December 31, 2016. Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.

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