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Nicholas Company had the following Adjusted Trial Balance for the month ended May 31, 2016.

Prepare the Closing Entries for Nicholas Company.

Account Names Cash Petty Cash Fund Accounts Receivable Merchandise Inventory, 9/30/16 Store Supplies Office Supplies Prepaid Insurance Land Forklift Accumulated Depreciation, Forklift Delivery Truck Accumulated Depreciation, Delivery Truck Accounts Payable Salaries Payable Unearned Sales Revenue Notes Payable (Long-Term) Common Stock Retained Earnings Dividends Sales Revenue Sales Discounts Sales Returns and Allowances Cost of Goods Sold Salaries Expense Utilities Expense Repair Supplies Expense Postage Expense Rent Expense Depreciation Expense, Delivery Truck Depreciation Expense, Forklift Office Supplies Expense Insurance Expense Cash Short & Over Interest Expense Interest Revenue Totals Debit Credit $324,081 4,500 20,000 62,000 9,500 3,400 3,583 34,000 32,200 $600 172,000 2,400 106,900 2,800 7,700 123,600 200,000 182,874 4,000 268,900 637 5,700 163,086 33,400 7,000 860 400 14,000 700 600 1,200 317 510 3,300 5,200 $900,974 $900,974 Date Account Titles and Explanation May 31 Debit Credit To close income statement accounts with debit balances) May 31 se bhe ome satntccunts wcedt buiances) May 31 (To close the income summary account) May 31 (To close the dividends account)

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