BizKid Company%u2019s adjusted trial balance on August 31, 2011, its fiscal year-end, follows.

			Debit			Credit
Merchandise inventory		$	40,300
Other (noninventory) assets			135,440
Total liabilities					$	25,600
Common stock						19,300
Retained earnings						92,500
Dividends			8,700
Sales						226,400
Sales discounts			2,260
Sales returns and allowances			13,500
Cost of goods sold			75,100
Sales salaries expense			32,200
Rent expense%u2014Selling space			8,900
Store supplies expense			1,400
Advertising expense			13,500
Office salaries expense			28,400
Rent expense%u2014Office space			3,700
Office supplies expense			400
Totals		$	363,800		$	363,800

On August 31, 2010, merchandise inventory was $25,000. Supplementary records of merchandising activities for the year ended August 31, 2011, reveal the following itemized costs.

Invoice cost of merchandise purchases	$	92,700
Purchase discounts received		2,400
Purchase returns and allowances		4,400
Costs of transportation-in		4,500

Required:
1.	Prepare closing entries as of August 31, 2011 (the perpetual inventory system is used). (Omit the "$" sign in your response.)

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Retained earnings and income summry