3. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company, journalize the four closing entries.

Cash	$ 30,000
Accounts Receivable	45,200
Supplies	5,000
Equipment	169,900
Accumulated Depreciation		$ 32,000
Accounts Payable		12,500
Capital Stock		71,600
Dividends	47,000
Fees Earned		510,000
Salary Expense	244,500
Rent Expense	48,000
Depreciation Expense	25,000
Supplies Expense	9,500
Miscellaneous Expense	2,000
	$626,100	$626,100
Date	Description	Post Ref	Debit	Credit

4. Merchandise with a list price of $7,500 is purchased on account, terms FOB shipping point, 1/10, n/30. The

seller prepaid transportation costs of $300. Prior to payment, $2,000 of the merchandise is returned. The

correct amount is paid within the discount period.

Record the foregoing transactions of the buyer in the sequence indicated below.

(a)	Purchased the merchandise.
(b)	Recorded receipt of the credit memorandum for merchandise returned.
(c)	Paid the amount owed.
Date	Description	Post Ref	Debit	Credit