5-31) Closing entries; net income

Based on the data presented in Exercise 5-27, journalize the closing entries.

5-27)

Accounts Receivable 170,000

Accumulated DepreciationBuilding 750,000

Administrative Expenses 435,000

Building 3,500,000

Cash 80,000

Common Stock 300,000

Cost of Goods Sold 5,500,000

Dividends 175,000

Interest Expense 15,000

Inventory 980,000

Notes Payable 250,000

Office Supplies 20,000

Retained Earnings 1,987,000

Salaries Payable 8,000

Sales 8,245,000

Selling Expenses 575,000

Store Supplies 90,000