Closing Entries; Net Income
On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows:
Accumulated Depreciation—Building $776,600
Merchandise Inventory $986,600
Administrative Expenses 531,550
Notes Payable 257,350
Building 2,568,400
Office Supplies 20,900
Cash 168,650
Salaries Payable 8,300
Cost of Merchandise Sold 3,825,600
Sales 6,494,750
Interest Expense 10,250
Selling Expenses 750,250
Kathy Melman, Capital 1,550,750
Store Supplies 92,250
Kathy Melman, Drawing 183,350
Journalize the closing entries. If an amount box does not require an entry, leave it blank.
20Y4
Mar. 31
20Y4
Mar. 31