ebook Calculator Closing Entries; Net Income On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: $716,900 $1,012,550 540,750 240,800 Merchandise Inventory Notes Payable Office Supplies Salaries Payable 2,387,050 20,050 8,400 175,550 Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing 3,672,700 Sales 6,543,550 9,900 Selling Expenses Store Supplies 740,650 89,650 1,525,350 170,400 Journalize the closing entries in the order as presented in the chapter. For a compound transaction, if an amount box does not require an entry, leave it blank. Mar. 31 Mar. 31