Closing Entries; Net Income On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture whol Accounts Receivable $170,000 Inventory ACcumulated Depreciation-Building Administrative Expenses Building Cash Common Stock Cost of Goods Sold 1,020,250 282,100 19,050 1,343,850 7,600 6,170,800 707,150 94,500 717,850 Notes Payable 531,300 Office Supplies 2,420,300 Retained Earnings 174,850 Salaries Payable 293,350 Sales 3,806,900 Selling Expenses 169,850 Store Supplies Dividends