Question

The income statement columns of Swanson Company's year-end worksheet are as follows:              Sales              &n

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

  1. Prepare the end of the period closing entries for the Swanson.
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