On October 31, 2008, the balances of the accounts appearing in the ledger of Kavanaugh Company, a furniture wholesaler, are as follows:

Prepare the October 31, 2008, closing entries for Kavanaugh Company.obj. 3

Transcribed Image Text:

Accumulated Dep.-Building $152,300 Administrative Expenses 326,500 Notes Payable Retained Earnings $ 120,000 605,775 Building 278,400 Salaries Payable 3,400 Capital Stock 100,000 Sales 1,567,700 Cash 44,200 Sales Discounts 90,000 Cost of Merchandise Sold 940,000 Sales Returns and Allow. 60,000 Dividends 39,750 Sales Tax Payable 24,500 Interest Expense 9,600 Selling Expenses 620,000 Merchandise Inventory 130,000 Store Supplies 22,900 Store Supplies Exp. 12,325