Journalize the closing entries on March 31.
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Greenway Company is a small rug retailer owned and operated by Lorene Greenway. After the accounts have been adjusted on March 31, the following account balances were taken from the ledger:
Advertising Expense
$25,800
Depreciation Expense
5,100
Lorene Greenway, Drawing
50,000
Merchandise Inventory, March 1
34,500
Merchandise Inventory, March 31
42,150
Miscellaneous Expense
6,350
Purchases
480,000
Purchases Discounts
2,000
Purchases Returns and Allowances
9,000
Sales
925,000
Sales Discounts
4,000
Sales Returns and Allowances
8,000
Salaries Expense
76,300
Transportation In
15,400
Journalize the closing entries on March 31.
