Selected accounts and amounts appear below.

Inventory	$50,690
Cost of Goods Sold	502,830

Required:

Journalize the closing entry, assuming a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.

Selected accounts and amounts appear below. InventoryCostofGoodsSold$50,690502,830 Required: Journalize the closing entry, assuming a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 125 Notes Receivable EXPENSES 130 Inventory 510 Cost of Goods Sold 131 Estimated Returns Inventory 521 Delivery Expense 140 Supplies 522 Advertising Expense 142 Prepaid Insurance 523 Depreciation Expense 180 Land 526 Salaries Expense 190 Equipment 531 Rent Expense 191 Accumulated Depreciation 533 Insurance Expense 534 Supplies Expense LIABILITIES 536 Credit Card Expense 210 Accounts Payable 560 Miscellaneous Expense. 216 Salaries Payable 710 interest Expense 221 Sales Tax Payable 222 Customer Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock JOURNAL ACCOUNTING EQUATION 1 DESCRIPTION POST. REF. 2