E3-14B (Closing Entries)

E3-14B (Closing Entries) Presented below is information related to Crowe Corporation for the month of
January 2014.
Cost of goods sold $361,000 Salaries and Wages expense $201,000
Freight-out 22,500 Sales discounts 31,000
Insurance expense 12,000 Sales returns and allowances 21,500
Rent expense 32,000 Sales 812,000
Instructions
Prepare the necessary closing entries.