Whispering Winds Warehouse Store has an August 31 fiscal year end and uses a perpetual inventory system. An alphabetical list of its account balances at August 31, 2021, follows: All accounts have normal balances.

Accounts payable		$29,500		Interest revenue		$930
Accounts receivable		21,000		Merchandise inventory		58,000
Accumulated depreciationequipment		26,920		Notes payable		49,710
				Notes receivable		32,500
Cash		13,500		Rent expense		16,500
Cost of goods sold		575,500		Sales		700,000
Depreciation expense		6,730		Sales discounts		3,800
Equipment		67,300		Sales returns and allowances		14,400
Freight out		5,100		Supplies expense		6,000
Insurance expense		2,800		Unearned revenue		6,200
Interest expense		2,300		V. Whispering Winds, capital		72,500
Interest receivable		230		V. Whispering Winds, drawings		60,100

Additional information:

1.		All adjustments have been recorded and posted except for the inventory adjustment. According to the inventory count, the company has $55,900 of merchandise on hand.
2.		Last year Whispering Winds Warehouse Store had a gross profit margin of 19% and a profit margin of 9%.

Prepare the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Post above entries in the Income Summary account. (Post entries in the order of journal entries presented in the previous part.)