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 follow selected account balances were taken from the ledger Advertising Expense 336,000 Depreciation Expense 13,000 17,000 375,000 Freight in Merchandise Inventory. January 1 Merchandise Inventory, December 31 Miscellaneous Expense Purchases 480,000 9,000 1,760,000 Purchases Discounts 35,000 Purchases Returns and Allowances 45,000 65,000 Pat Kirwan, Drawing Salaries Expense 375,000 Sales 2.220,000 Journalize the closing entries on December 31. If an amount box does not require an entry leave it blank Hournalize the closing entries on December 31. If an amount box does not require an entry, leave it blank. 480,000 2,200,000 2,200,000 Dec. 31 Merchandise Inventory (December 31) Sales Purchases Discounts Purchases Returns and Allowances 35,000 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