On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows:

Accumulated DepreciationBuilding	$742,600
Administrative Expenses	515,600
Building	2,552,350
Cash	170,400
Cost of Merchandise Sold	3,698,650
Interest Expense	10,400
Kathy Melman, Capital	1,505,050
Kathy Melman, Drawing	175,450
Merchandise Inventory	992,800
Notes Payable	244,350
Office Supplies	20,000
Salaries Payable	8,100
Sales	6,501,450
Selling Expenses	715,850
Store Supplies	86,300

Journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Chart of Accounts

CHART OF ACCOUNTS

Danns Furnishings Company

General Ledger

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

	LIABILITIES
216	Salaries Payable
221	Notes Payable

	EQUITY
310	Kathy Melman, Capital
311	Kathy Melman, Drawing

	REVENUE
410	Sales

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

Journal

Journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
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