Closing entries using periodic inventory system Cloung entries using periodic imventory system

Advertiking Expense

Depreciation Expense

Dividends

freight In

Inventory, Decomber $3$

Inventory, peperther $31$

Miscelaneous Ekperse

Rurchases

Purchases Discongts

Purthosers Roturns and Alloviances

Salaries Expense

Sales

The estimated cost of menhandise retums from December sales is $$20,000.$

Dec. $31$ Inwentory $?$

andertising Expentise

Depreciation Experse

cidvertising expense:

Purchases heturns and Alowanoes

Sales

Firffrases Discount$6$

Ereightim $$

Salaries Fxpense:

Purchase Returns and Ellowanoes $-$

Fiscellanemus Expense

Dec. $31$

$$36,000$

$13,000$

$65,000$

$17,000$

$375,000$

$460\mathrm{.}000$

$9\mathrm{.}000$

$1,760,000$

$35,000$

$45,$ noa

$305,000$

$2\mathrm{.}220,000$

United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have been adjusted on December $31,$ the following selected account balances were taken from the ledger:

Line Item Description Amount

Advertising Expense $$36,000$

Depreciation Expense $13,000$

Dividends $65,000$

Freight In $17,000$

Inventory, December $1375,000$

Inventory, December $31460,000$

Miscellaneous Expense $9,000$

Purchases $1,760,000$

Purchases Discounts $35,000$

Purchases Returns and Allowances $45,000$

Salaries Expense $375,000$

Sales $2,220,000$

The estimated cost of merchandise returns from December sales is $$20,000.$

Journalize the closing entries. If an amount box does not require an entry, leave it blank.

DateAccountDebitCredit

Dec. $31$

Retained Earnings

$167,500$

Retained Earnings

$36,000$

Sales

$222,000$

Advertising Expense

$36,000$

Depreciation Expense

$13,000$

Sales

$2,220,000$

Purchases Discounts

$35,000$

Freight In

$17,000$

Salaries Expense

$375,000$

Dividends

$65,000$

Miscellaneous Expense

$36,000$

Retained Earnings

$741,000$

Dec. $31$

Retained Earnings

$65,000$

Dividends

$65,000$