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.