Question
Closing Entries Using Periodic Toventory System United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have
Closing Entries Using Periodic Toventory 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 $49,500 Depreciation Expense Freight In Merchandise Inventory, January 1 19,500 10,500 311,800 Merchandise Inventory, December 31 374,750 Miscellaneous Expense 36,000 Purchases 936,900 Purchases Discounts 15,000 Purchases Returns and Allowances 9,000 Pat Kirwan, Drawing 75,000 Salaries Expense Sales 218,900 1,499,000 Journalize the closing entries on December 31. If an amount box does not require an entry, leave it blank. Dec. 31
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