Question: Dec. 3 1 Dec. 3 1 Closing entries using periodic inventory system United Rug Company is a small rug retailer owned and operated by Pat

Dec. 31 Dec. 31Closing entries using periodic inventory system United Rug
Dec. 31
Dec. 31Closing entries using periodic inventory system
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:
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.
Company is a small rug retailer owned and operated by Pat Kirwan.

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