Closing Entries; Net Income Instructions Chart of Accounts Joumal CHART OF ACCOUNTS Danns Furnishings Company General Ledger ASSETS 110 Cash 130 Merchandise Inventory 140 Office Supplies 141 Store Supplies 190 Building 191 Accumulated Depreciation-Building LIABIUITIES 216 Salaries Payable 221 Notes Payable REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 523 Depreciation Expense 526 Salaries Expense 539 Selling Expenses 540 Administrative Expenses 710 Interest Expense EQUITY 310 Kathy Melman, Capital Journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. March 31,20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: LIABILITIES 216 Salaries Payable 221 Notes Payable 540 Administrative Expenses 710 Interest Expense EQUITY 310 Kathy Melman, Capital 311 Kathy Melman, Drawing Journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a journa page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered