Instructions 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 Depreciation Expense Dividends $35,560 14,700 66,860 Freight in 17,640 379.500 464,650 Inventory, January 1 Inventory, December 31 Miscellaneous Expense Purchases 8,120 1,770,000 Purchases Discounts 35,090 Purchases Returns and Allowances 40,470 374 400 Salaries Expense Sales 2,224,000 The estimated cost of merchandise returns from December sales is $22,500 imate the remnantrie Refer in the Chart ni Arrwints for ayart wind wind was 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 Depreciation Expense Dividends $35,560 14,700 66,860 Freight in Inventory, January 1 Inventory, December 31 17,640 379,500 464 650 8,120 1,770,000 35,090 Miscellaneous Expense Purchases 40,470 Purchases Discounts Purchases Returns and Allowances Salaries Expense Sales 374,400 2,224,000 The estimated cost of merchandise returns from December sales is $22,500 $35,560 Advertising Expense Depreciation Expense 14,700 Dividends 66,860 Freight in 17,640 379,500 Inventory, January 1 Inventory, December 31 464,650 Miscellaneous Expense 8,120 Purchases 1,770,000 35,090 Purchases Discounts Purchases Returns and Allowances 40,470 Salaries Expense 374,400 Sales 2,224,000 The estimated cost of merchandise returns from December sales is $22,500. Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles