Closing Entries Using Periodic Inventory System United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have been adjusted on December 31, the followin selected account balances were taken from the leder: $36.000 Advertising Expense Depreciation Expense Freight in 13.000 17,000 375,000 Merchandise Inventory, January 1 Merchandise Inventory, December 31 Miscellaneous Expense 480,000 9.000 Purchases 1.760,000 Purchases Discounts 35,000 Purchases Returns and Allowances Pat Kirwan Drawing 45,000 65,000 75.000 2,220,000 Salaries Expense Sales Joumalize the closing entries on December 31 If an amount box does not require an entry, leave it blank urnalize the dosing entries on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Merchandise Inventory (December 31) 2,200,000 Sales 2.200,000 Purchases Discounts 35,000 Purchases Returns and Allowances 45,000 1.760,000 17.000 Purchases Freight in Interest Expense Advertising Expense Depreciation Expense Miscellaneous Expense 36.000 13.000 9.000 Dec. 31