Preparing closing entries and interpreting information about discounts and returns. Use the data for Barkley Company in Problem 4-3B to complete the following requirement.
Required

Prepare closing entries as of March 31 (the perpetual inventory system is used).

Data from Problem 4-3B

Barkley Company’s adjusted account balances from its general ledger on March 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: Sales Salaries Expense, Rent Expense —Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative.

Beginning merchandise inventory was $37,500. Supplementary records of merchandising activities for the year ended March 31 reveal the following itemized costs.