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Dec. 3 1 Dec. 3 1 Closing entries using periodic inventory system United Rug Company is a small rug retailer owned and operated by Pat

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Dec. 31
Dec. 31Closing 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:
The estimated cost of merchandise returns from December sales is $20,000.
Journalize the closing entries. If an amount box does not require an entry, leave it blank.
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