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Following is a random list of some of the accounts and their December 31, 2014, balances for Carmen & Company. Carmen & Company uses a periodic inventory system and all account balances are normal.

Purchases     $320,000
Sales revenue     460,000
Interest revenue      23,000
Salary expense   45,000
Freight in         17,000
Purchase discounts    31,000
Sales returns and allowances   35,000
Interest expense    18,000
Delivery expense     24,000
Sales discounts    27,000
Insurance expense      16,000
Purchase returns and allowances     46,000
B.J. Carmen, Capital    30,000
Utilities expense   14,000
Amortization expense-equipment   10,000
B.J. Carmen, Withdrawals    15,000

The beginning and ending amounts for inventory are $58,000 and $65,000, respectively.

Prepare the closing entries for Carmen & Company.

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