Following Is a Random List of Some of the Accounts

Essay

Following is a random list of some of the accounts and their December 31, 2019, balances for Carmen & Company. Carmen & Company uses a periodic inventory system and all account balances are normal. $$\begin{array} { l r } \text { Purchases } & \$ 320,000 \\\text { Sales revenue } & 460,000 \\\text { Interest revenue } & 23,000 \\\text { Salary expense } & 45,000 \\\text { Freight in } & 17,000 \\\text { Purchase discounts } & 31,000 \\\text { Sales returns and allowances } & 35,000 \\\text { Interest expense } & 18,000 \\\text { Delivery expense } & 24,000 \\\text { Sales discounts } & 27,000 \\\text { Insurance expense } & 16,000 \\\text { Purchase returns and allowances } & 46,000 \\\text { B.J. Carmen, Capital } & 30,000 \\\text { Utilities expense } & 14,000 \\\text { Amortization expense-equipment } & 10,000 \\\text { B.J. Carmen, Withdrawals } & 15,000\end{array}$$ The beginning and ending amounts for inventory are $58,000 and $65,000, respectively.
Prepare the closing entries for Carmen & Company.