Periodic Inventory Accounts, Multiple-Step Income Statement, Closing Entries

On June 30, 20Y9, the balances of the accounts appearing in the ledger of Simkins Company are as follows:

Cash	$125,000		Purchases	$4,100,000
Accounts Receivable	340,000		Purchases Returns and Allowances	32,000
Merchandise Inventory, July 1, 20Y8	415,000		Purchases Discounts	13,000
Office Supplies	9,000		Freight In	45,000
Prepaid Insurance	18,000		Sales Salaries Expense	580,000
Land	300,000		Advertising Expense	315,000
Store Equipment	550,000		Delivery Expense	18,000
Accumulated DepreciationStore Equipment	190,000		Depreciation ExpenseStore Equipment	12,000
Office Equipment	250,000		Miscellaneous Selling Expense	28,000
Accumulated DepreciationOffice Equipment	110,000		Office Salaries Expense	375,000
Accounts Payable	85,000		Rent Expense	43,000
Customer Refunds Payable	20,000		Insurance Expense	17,000
Salaries Payable	9,000		Office Supplies Expense	5,000
Unearned Rent	6,000		Depreciation ExpenseOffice Equipment	4,000
Notes Payable	50,000		Miscellaneous Administrative Expense	16,000
Amy Gant, Capital	705,000		Rent Revenue	32,500
Amy Gant, Drawing	275,000		Interest Expense	2,500
Sales	6,590,000

1. Prepare the closing entries for Simkins Company as of June 30, 20Y9 in the order as presented in the chapter. If an amount box does not require an entry, leave it blank.