Based on the data presented in Exercise 5-32, journalize the closing entries.

Exercise 5-32

On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows:

$ 170,000 Inventory 750,000 Notes Payable 435,000 Office Supplies 3,500,000 Retained Earnings 80,000 Salaries Payable 300,000 Sales 5,500,000 Selling Expenses 175,000 Store Supplies 15,000 $ 980,000 250,000 Accounts Receivable Accumulated Depreciation-Building Administrative Expenses Building 20,000 1,987,000 Cash 8,000 Common Stock 8,245,000 Cost of Goods Sold 575,000 Dividends 90,000 Interest Expense