On December 31, 2015, the balances of the accounts appearing in the ledger of Champion Interiors Company, a furniture wholesaler, are as follows:

Prepare the December 31, 2015, closing entries for Champion Interiors Company.

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Accumulated Depr.-Building Administrative Expenses Building Cash Cost of Goods Sold Interest Expense Inventory Jessica Duerr, Capital $30,460 Notes Payable $ 24,000 4,900 680 313,540 18,000 Sales Retums and Allowances 12,000 124,000 ,580 2,465 65. 55.680 Salaries Payable 300 Provincial Sales Tax Payable 8, 840 Sales 188,000 Sales Discounts 1,920 26,000 Selling Expenses 141 155 Store Supplies essica Duerr, Withdrawals 7.950 Store Supplies Expenses