Question
On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings...
On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $150,250 Accumulated Depreciation—Building 742,600 Administrative Expenses 515,600 Building 2,552,350 Cash 183,850 Common Stock 295,050 Cost of Goods Sold 3,903,350 Dividends 185,250 Interest Expense 10,200 Inventory 1,000,900 Notes Payable 254,900 Office Supplies 20,350 Retained Earnings 1,315,950 Salaries Payable 8,050 Sales 6,618,600 Selling Expenses 706,050 Store Supplies 86,700 Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
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