On October 31, 2014, the balances of the accounts appearing in the ledger of Acorn
Interiors Company, a furniture wholesaler, are as follows:

Prepare the October 31, 2014, closing entries for Acorn Interiors Company.

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$142000 Notes Payable Accumulated Depr-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Jordan Davenport, Capital Jordan Davenport, Drawing Merchandise Inventory $125,000 1,375,000 20,000 13,000 3,000 140,000 23,000 12,000 300,000 Sales 446,000 Sales Discounts 60,000 Sales Returns and Allow 650,000 Tax Payable 10,000 180,000 25,000 126,000 Selling Expenses Store Supplies Store Supplies Expense