Please answer the amounts next to the account names.

ACC 111 Project 10 Nicholas Company had the following Adjusted Trial Balance for the month ended May 31, 2016. Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Debit Credit Cash $349,461 Petty Cash Fund 4,800 Accounts Receivable 22,100 Merchandise Inventory, 5/1/16 54,900 Store Supplies 10,800 Office Supplies 3,700 Prepaid Insurance 3,117 Land 38,000 Forklift 32,900 Accumulated Depreciation, Forklift $800 Delivery Truck 156,000 Accumulated Depreciation, Delivery Truck 1,650 Accounts Payable 93,600 Salaries Payable 1,800 Unearned Sales Revenue 27,700 Notes Payable (Long-Term) 125,000 Nicholas Ram, Capital 395,100 Nicholas Ram, Drawings 4,500 Sales Revenue 261,500 Sales Discounts 645 Sales Returns and Allowances 4,700 Purchases 172,000 Purchases Discounts 3,796 Purchases Returns and Allowances 8,600 Freight-in 1,890 Salaries Expense 33,800 Utilities Expense 8,300 Repair Supplies Expense 800 Postage Expense 480 Rent Expense 14,500 Depreciation Expense, Delivery Truck 850 Depreciation Expense, Forklift 800 Office Supplies Expense 1,400 Insurance Expense 283 Cash Short & Over 20 Interest Expense 3,300 Interest Revenue 4,500 Totals $924,046 $924,046 Prepare the Closing Entries for Nicholas Company. (Credit account titles are automatically indented when the amount is entered. Do Debit Credit Date Account Titles and Explanation 2016 May 31 Income Summary Sales Discounts Sales Returns and Allowances Purchases Salaries Expense Utilities Expense Repair Supplies Expense Postage Expense Rent Expense Depreciation Expense, Delivery Truck Depreciation Expense, Forklift Office Supplies Expense Insurance Expense Interest Expense Cash Short and Over Freight-in Merchandise Inventory, Beginning (To close beginning inventory and other income statement accounts with debit balances) 31 Sales Revenues Interest Revenue Purchases Discounts Purchases Returns and Allowances Merchandise Inventory, Ending Income Summary (To record the ending inventory and close the other income statement accounts with credit balances) 31 Income Summary Nicholas Ram, Capital (To close the income summary account) 31 Nicholas Ram, Capital Nicholas Ram, Drawings (To close the drawings account) ACC 111 Project 10 Nicholas Company had the following Adjusted Trial Balance for the month ended May 31, 2016. Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Debit Credit Cash $349,461 Petty Cash Fund 4,800 Accounts Receivable 22,100 Merchandise Inventory, 5/1/16 54,900 Store Supplies 10,800 Office Supplies 3,700 Prepaid Insurance 3,117 Land 38,000 Forklift 32,900 Accumulated Depreciation, Forklift $800 Delivery Truck 156,000 Accumulated Depreciation, Delivery Truck 1,650 Accounts Payable 93,600 Salaries Payable 1,800 Unearned Sales Revenue 27,700 Notes Payable (Long-Term) 125,000 Nicholas Ram, Capital 395,100 Nicholas Ram, Drawings 4,500 Sales Revenue 261,500 Sales Discounts 645 Sales Returns and Allowances 4,700 Purchases 172,000 Purchases Discounts 3,796 Purchases Returns and Allowances 8,600 Freight-in 1,890 Salaries Expense 33,800 Utilities Expense 8,300 Repair Supplies Expense 800 Postage Expense 480 Rent Expense 14,500 Depreciation Expense, Delivery Truck 850 Depreciation Expense, Forklift 800 Office Supplies Expense 1,400 Insurance Expense 283 Cash Short & Over 20 Interest Expense 3,300 Interest Revenue 4,500 Totals $924,046 $924,046 Prepare the Closing Entries for Nicholas Company. (Credit account titles are automatically indented when the amount is entered. Do Debit Credit Date Account Titles and Explanation 2016 May 31 Income Summary Sales Discounts Sales Returns and Allowances Purchases Salaries Expense Utilities Expense Repair Supplies Expense Postage Expense Rent Expense Depreciation Expense, Delivery Truck Depreciation Expense, Forklift Office Supplies Expense Insurance Expense Interest Expense Cash Short and Over Freight-in Merchandise Inventory, Beginning (To close beginning inventory and other income statement accounts with debit balances) 31 Sales Revenues Interest Revenue Purchases Discounts Purchases Returns and Allowances Merchandise Inventory, Ending Income Summary (To record the ending inventory and close the other income statement accounts with credit balances) 31 Income Summary Nicholas Ram, Capital (To close the income summary account) 31 Nicholas Ram, Capital Nicholas Ram, Drawings (To close the drawings account)