On August 31, 2012, the balances of the accounts appearing in the ledger of Wood Interiors Company, a furniture wholesaler, are as follows:

Prepare the August 31, 2012, closing entries for Wood InteriorsCompany.

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Accumulated Depr-Building Administrative Expenses Building 142,000 Notes Payable 90,000 Sales 800,000 400,000 Sales Discounts Sales Returns and Allow. Tax Payable 55,000 Cost of Merchandise Sold nterest Expense Kate Archer, Capital Kate Archer, Drawing Merchandise Inventory 12,000 3,000 150,000 15,000 20,000 350,000 1,000 Selling Expenses 172,000 Store Supplies 5,000 Store Supplies Expenses 26,000