Question

On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings...

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 $742,600
Administrative Expenses 515,600
Building 2,552,350
Cash 170,400
Cost of Merchandise Sold 3,698,650
Interest Expense 10,400
Kathy Melman, Capital 1,505,050
Kathy Melman, Drawing 175,450
Merchandise Inventory 992,800
Notes Payable 244,350
Office Supplies 20,000
Salaries Payable 8,100
Sales 6,501,450
Selling Expenses 715,850
Store Supplies 86,300

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.

Chart of Accounts

CHART OF ACCOUNTS
Danns Furnishings Company
General Ledger
ASSETS
110 Cash
130 Merchandise Inventory
140 Office Supplies
141 Store Supplies
190 Building
191 Accumulated Depreciation-Building
LIABILITIES
216 Salaries Payable
221 Notes Payable
EQUITY
310 Kathy Melman, Capital
311 Kathy Melman, Drawing
REVENUE
410 Sales
EXPENSES
510 Cost of Merchandise Sold
523 Depreciation Expense
526 Salaries Expense
539 Selling Expenses
540 Administrative Expenses
710 Interest Expense

Journal

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.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

Closing Entries

2

3

4

5

6

7

8

9
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Answer #1

-CLosing entries as asked

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1 Closing Entries
2 31 Mar 20Y4 Sales 410 $6,501,450 Decrease
3 Kathy Melman, Capital 310 $1,560,950 Increase
4 Cost of Merchandise Sold 510 $3,698,650 Decrease
5 Selling Expenses 539 $715,850 Decrease
6 Administrative Expenses 540 $515,600 Decrease
7 Interest Expense 710 $10,400 Decrease
8 31 Mar 20Y4 Kathy Melman, Capital 310 $175,450 Decrease
9 Kathy Melman, Drawing 311 $175,450 Decrease
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