Closing Entries; Net Income

On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows:

Accumulated DepreciationBuilding	$729,750		Merchandise Inventory	$936,650
Administrative Expenses	546,550		Notes Payable	253,050
Building	2,441,000		Office Supplies	19,300
Cash	178,200		Salaries Payable	7,650
Cost of Merchandise Sold	3,633,700		Sales	6,432,850
Interest Expense	9,800		Selling Expenses	747,200
Kathy Melman, Capital	1,624,600		Store Supplies	86,100
Kathy Melman, Drawing	180,150

Journalize the closing entries in the order as presented in the chapter.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Mar. 31	Sales
	Cost of Merchandise Sold
	Selling Expenses
	Administrative Expenses
	Interest Expense
	Kathy Melman, Capital
Mar. 31	Kathy Melman, Capital
	Kathy Melman, Drawing