On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows:

Accounts Receivable	$153,800
Accumulated DepreciationBuilding	740,900
Administrative Expenses	526,350
Building	2,507,600
Cash	186,150
Common Stock	304,450
Cost of Goods Sold	3,852,200
Dividends	184,450
Interest Expense	10,200
Inventory	1,022,600
Notes Payable	238,600
Office Supplies	19,050
Retained Earnings	1,267,250
Salaries Payable	7,700
Sales	6,264,600
Selling Expenses	735,850
Store Supplies	86,750

Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Royal Furnishings Company

General Ledger

ASSETS
110	Cash
130	Inventory
140	Office Supplies
141	Store Supplies
190	Building
191	Accumulated Depreciation-Building

LIABILITIES
218	Salaries Payable
221	Notes Payable

EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

REVENUE
410	Sales

EXPENSES
510	Cost of Goods Sold
523	Depreciation Expense
526	Salaries Expense
539	Selling Expenses
540	Administrative Expenses
710	Interest Expense