Closing Entries; Net Income

On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows:

Accounts Receivable	$170,000		Inventory	$980,000
Accumulated DepreciationBuilding	750,000		Notes Payable	250,000
Administrative Expenses	435,000		Office Supplies	20,000
Building	3,500,000		Retained Earnings	1,987,000
Cash	80,000		Salaries Payable	8,000
Common Stock	300,000		Sales	8,245,000
Cost of Goods Sold	5,500,000		Selling Expenses	575,000
Dividends	175,000		Store Supplies	90,000
Interest Expense	15,000

Journalize the closing entries. If an amount box does not require an entry, leave it blank.

20Y9 Mar. 31	BuildingCashRetained EarningsSalesSales Discounts
	BuildingCost of Goods SoldInventoryRetained EarningsSalaries Payable
	CashInventoryNotes PayableSelling ExpensesStore Supplies
	Administrative ExpensesCashInventoryNotes PayableRetained Earnings
	CashInterest ExpenseNotes PayableRetained EarningsStore Supplies
	BuildingCashNotes PayableRetained EarningsSales	- Select -	- Select -
Mar. 31	Cost of Goods SoldInterest ExpenseOffice SuppliesRetained EarningsSelling Expenses	- Select -	- Select -
	CashDividendsNotes PayableSalaries PayableSales	- Select -	- Select -