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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
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 following selected account balances were taken from the ledger Advertising Expense $30,200 Depreciation Expense 11,900 Freight in 6,400 Merchandise Inventory, January 1 190,300 Merchandise Inventory, December 31 228,750 Miscellaneous Expense 22,000 Purchases 571,900 Purchases Discounts 9,200 Purchases Returns and Allowances 5,500 Pat Kirwan, Drawing 45,800 Salaries Expense 133,600 Sales 915,000 Journalize the closing entries on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31
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