Instructions On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: $159,900 746,350 515,750 2,419,500 184,750 300,500 3.925,500 185,950 Accounts Receivable Accumulated DepreciationBuilding Administrative Expenses Building Cash Common Stock Cost of Goods Sold Dividends Interest Expense Inventory Notes Payable Office Supplies Retained Earnings Salaries Payable Sales Selling Expenses Store Supplies 9.950 1,020,900 259,350 19,150 1,343,400 7,600 6,144,850 732,500 92.700 Chart of Accounts CHART OF ACCOUNTS Royal Furnishings Company General Ledger REVENUE 410 Sales ASSETS 110 Cash 130 Inventory 140 Office Supplies 141 Store Supplies 190 Building 191 Accumulated Depreciation Building EXPENSES 510 Cost of Goods Sold 523 Depreciation Expense 526 Salaries Expense 539 Selling Expenses 540 Administrative Expenses 710 Interest Expense LIABILITIES 218 Salaries Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DEBIT 6,144,850.00 1 Mar 31 Sales 4 2 Cost of Goods Sold 3,925,500.00 1 3 4 5 Selling Expenses Administrative Expenses 732,500.00 515,750.00 1 1 6 7 8 Mar. 31 Retained Earnings 1,343,400.00 1