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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

On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $758,050 Administrative Expenses 522,950 Building 2,558,950 Cash 182,150 Cost of Merchandise Sold 3,721,150 Interest Expense 10,150 Kathy Melman, Capital 1,611,550 Kathy Melman, Drawing 170,800 Merchandise Inventory 938,100 Notes Payable 255,400 Office Supplies 19,050 Salaries Payable 8,000 Sales 6,101,750 Selling Expenses 700,950 Store Supplies 92,800 Danns Furnishings Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 130 Merchandise Inventory 140 Office Supplies EXPENSES 141 Store Supplies 510 Cost of Merchandise Sold 190 Building 523 Depreciation Expense 191 Accumulated Depreciation-Building 526 Salaries Expense 539 Selling Expenses LIABILITIES 540 Administrative Expenses 216 Salaries Payable 710 Interest Expense 221 Notes Payable EQUITY 310 Kathy Melman, Capital 311 Kathy Melman, Drawing

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