a)

b)

Instructions On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Buding Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies 300,000 216,000 1,000,000 70,000 1,520,000 4,000 634,800 70,000 392,000 100,000 8,000 3,200 2,564,000 286,000 36,000 Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. Journal PAGE 10 JOURNAL ACCOUNTING EQUATION DATE POST REF DEEIT CREDIT ASSETS LIABILITIES EQUITY