Journalize the closing entries on March 31.

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

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$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.

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