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\begin{tabular}{|l|l|} \hline NAME: & SCORE: \\ \hline SECTION: & PROFESSOR: \\ \hline \end{tabular} Problem \#11 Preparing the Closing Entries A portion of the Dec. 31, 2019 worksheet for Jun Torres Distributors is shown below. For simplicity, all operating expenses have been combined. The periodic inventory system is used. \begin{tabular}{|l|r|r|r|r|} \hline \multicolumn{1}{|c|}{ Account Titles } & \multicolumn{2}{|c|}{ Income Statement } & \multicolumn{2}{|c|}{ Balance Sheet } \\ \cline { 2 - 5 } & \multicolumn{1}{|c|}{ Debit } & \multicolumn{1}{c|}{ Credit } & \multicolumn{1}{c|}{ Debit } & Credit \\ \hline Merchandise Inventory, Beginning & 128,000 & & & \\ $\begin{array}{l}\text { Torres, Capital } \\ \text { Torres, Withdrawals }\end{array}$ & & & 280,000 \\ Sales & & $1,000,000$ & & \\ Sales Returns \& Allowances & 3,000 & & & \\ Sales Discounts & 9,000 & & & \\ Purchases & 660,000 & 6,000 & & \\ Purchases Returns \& Allowances & & 13,200 & & \\ Purchases Discounts & 16,000 & & & \\ Transportation In & 250,000 & 118,000 & 118,000 & \\ Operating Expenses & & & \\ \hline \end{tabular} Required: Prepare the closing entries.

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