On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:

Accumulated DepreciationBuilding $746,350

Administrative Expenses $515,750

Building $2,419,500

Cash $168,150

Common Stock $300,500

Cost of Merchandise Sold $3,925,500

Dividends $179,100

Interest Expense $9,950

Merchandise Inventory $1,020,900

Notes Payable $259,350

Office Supplies $19,150

Retained Earnings $1,343,400

Salaries Payable $7,600

Sales $6,144,850

Selling Expenses $732,500

Store Supplies $92,700

(a)Journalize the October 31, 2016 closing entries.