Based on the data presented in Exercise 5-24 for Arbutus Furnishings Company, journalize the closing entries.
In exercise
On December 31, 2015, the balances of the accounts appearing in the ledger of Arbutus Furnishings Company, a furniture wholesaler, are as follows:

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Administrative Expenses Breana Greva, Capital Breana Greva, Withdrawals Building Cash Cost of Goods Sold Interest Expense Inventory 59,000 21.200 6,000 2,250,000 40.000 160,000 350,000 15.400 250,000 Notes Payable 1,137,600 Office Supplies 50,000 Salaries Payable 97,000 Sales Discounts 15,000 Selling Expenses 1,025.000 Sales 1,200,000 Sales Returns and Allowances 260,000 Store Supplies