On October 31, 2008, the balances of the accounts appearing in the ledger of Kavanaugh Company, a furniture wholesaler, are as follows:

Prepare the October 31, 2008, closing entries for KavanaughCompany.

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Accumulated Dep-Building 152,300 326,500 278,400 44,200 940,000 9,600 705,775 39,750 130,000 Notes Payable Salaries Payable Sales Sales Discounts Sales Returns and Allow Sales Tax Payable Selling Expenses Store Supplies Store Supplies Exp. 120,000 3,400 1,567,700 90,000 60,000 24,500 620,000 22,900 12,325 Administrative Expenses Building Cost of Merchandise Sold Interest Expense Lillian Kavanaugh, Capital Lillian Kavanaugh, Drawing Merchandise Inventory