The items that follow appeared in the Income Statement columns of the work sheet prepared for a sole proprietorship at year-end, December 31, 2020. Also, the owner's withdrawals account was debited for $12,000 during the year. Prepare the necessary closing entries at December 31.

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The Answer of The items that follow appeared in the Income Statement columns of the work sheet prepared for a sole proprietorship at year-end, December 31, 2020. Also, the owner's withdrawals account was debited for $12,000 during the year. Prepare the necessary closing entries at December 31.

The Items That Follow Appeared in the Income Statement Columns