E3-14B (Closing Entries) Presented below is information related to Crowe Corporation for the month of January 2014.

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.