Journalize the closing entries.

The trial balance of the Parton Wholesale Company contained the following accounts at December 31, 2017 the end of the company's calendar year PARTON WHOLESALE COMPANY Trial Balance 31-Dec-17 Cash Accounts Receivable Merchandise Inventory (Beginning) Land Buildings Accumulated Depreciation-B Equipment Accumulated Depreciation-Equip Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Sales Discounts Purchases Purchase Discounts Freight-in Salaries Expense Utilities Expense Repair Expense Gas and Oil Expense Insurance Expense S 34,400 36,600 62,400 92,000 197,000 uildings S 54,000 83,500 42,400 50,000 37,500 200,000 67,800 ment 10,000 886,100 4,600 725,100 16,000 12,400 69,800 9,400 5,900 7,200 3,500 S 1,353,800 S 1,353,800 Adjustment data: Depreciation is $10,000 on buildings and $9,000 on equipment. (Both are administrative expenses.) 1. 2. Interest of $7,000 is unpaid on notes payable at December 31 Other data: 1. Merchandise inventory on hand at December 31, 2017 is $90,000. 2. Salaries are 80% selling and 20% administrative. 3. Utilities expense, repair expense, and insurance expense are 100% administrative. 4. $15,000 of the notes payable are payable next year 5. Gas and oil expense is a selling expense. 6. The beginning balance of accounts receivable is $34,750 7. The amount of total assets at the beginning of the year is $469,225