CLOSING ENTRIES: MERCHANDISING BUSINESS-PROBLEM Exercise 1: The adjusted trial balance of Wedly Book Company appears below, prepare closing entries Account Title Cash Accounts Receivable Inventory Building Accumulated Depreciation-Building Accounts Payable Werly, Capital Werly. Withdrawal Sales Sales Discounts Sales Returns & Allowances Debit Credit 32,000 25,000 35,000 140,000 20,000 12,000 149,000 20,000 325,000 6,000 8,000 203,000 37,000 506,000 506,000 Cost of Goods Sold Operating Expenses Total Date Account Title Ref. Debit Credit 1 2 3 4