On December 31, 2013, the Income Statement Section of the Worksheet

Essay

On December 31, 2013, the Income Statement section of the worksheet is shown below. The balance of Ally Logan's drawing account is $16,000. Record the necessary closing entries on page 9 of a general journal. $$\begin{array} { | l | r | r | } \hline { \text { INCOME STATEMENT COLUMNS } } \\\hline \text { ACCOUNT NAME } & \text { DEBIT } & \text { CREDIT } \\\hline \text { Income Summary } & 47,000 & 53,000 \\\hline \text { Sales } & & 170,000 \\\hline \text { Sales Returns and Allowances } & 4,500 & \\\hline \text { Interest Income } & & 600 \\\hline \text { Purchases } & 71,000 & \\\hline \text { Freight In } & 2,300 & \\\hline \text { Purchases Returns and Allowances } & & 1,300 \\\hline \text { Purchases Discounts } & & 1,900 \\\hline \text { Sales Salaries Expense } & 37,000 & \\\hline \text { Office Salaries Expense } & 18,500 & \\\hline \text { Office Supplies Expense } & 700 & \\\hline \text { Utilities Expense } & 3,500 & \\\hline \text { Payroll Taxes Expense } & 1,100 & \\\hline \text { Uncollectible Accounts Expense } & 1,200 & \\\hline \text { Depr. Expense - Office Equipment } & 600 & \\\hline \text { Totals } & 187,400 & 226,800 \\\hline \text { Net Income } & \underline { 39,400 } & \\\hline & \underline { 226,800 } & \underline { \underline { 226,800 } } \\\hline\end{array}$$