Recording closing entries.On December 31, 2016, the Income Statement section of the worksh...

Recording closing entries.

On December 31, 2016, the Income Statement section of the worksheet for Soto Company contained the following information. Give the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts. Use journal page 16.

INCOME STATEMENT SECTION

Assume further that the owner of the firm is Armando Soto and that the Armando Soto, Drawing account had a balance of $26,700 on December 31, 2016.