Closing Entries; Net Income On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $1,011,400 Accumulated Depreciation-Building 782,350 Notes Payable 295,000 Administrative Expenses 551,250 Office Supplies 20,150 Building 2,599,500 Retained Earnings 1,281,150 Cash 176,700 Salaries Payable 8,300 Common Stock 311,900 Sales 6,635,750 Cost of Goods Sold 3,693,250 Selling Expenses 699,750 Dividends 172,950 Store Supplies 87,050 Interest Expense 9,550 Journalize the closing entries. If an amount box does not require an entry, leave it blank. 20Y9 Mar. 31 1.1. Mar. 31