Question
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated DepreciationBuilding
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows:
Accumulated DepreciationBuilding $740,950 Administrative Expenses 544,400 Building 2,512,350 Cash 180,950 Cost of Merchandise Sold 3,957,700 Interest Expense 9,950 Kathy Melman, Capital 1,629,600 Kathy Melman, Drawing 175,450 Merchandise Inventory 938,750 Notes Payable 245,000 Office Supplies 20,500 Salaries Payable 7,750 Sales 6,634,950 Selling Expenses 733,400 Store Supplies 87,150
Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
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