On May 31, 2010, the balances of the accounts appearing in the ledger of Champion Interiors Company, a furniture wholesaler, are as follows:

Prepare the May 31, 2010, closing entries for Champion InteriorsCompany.

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Notes Payable Salaries Payable Accumulated Depr.-Building $ 30,460 65,300 $ 24,000 680 Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Jessica Duerr, Capital Jessica Duerr, Drawing Merchandise Inventory 55,680 8,840 188,000 1,920 141,155 313,540 18,000 12,000 4,900 124,000 4,580 2,465 Sales Discounts Sales Returns and Allow. Sales Tax Payable Selling Expenses 7,950 26,000 Store Supplies Expenses