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Closing 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:

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. $31$

Inventory

$460,000$

Advertising Expense

$36,000$

Depreciation Expense

$13,000$

Advertising Expense

$36,000$

Purchases Returns and Allowances

Sales

$2,220,000$

Purchases Discounts

$35,000$

Freight In

$17,000$

Salaries Expense

$375,000$

Purchase Returns and Allowances

$45,000$

Miscellaneous Expense

$9,000$

Dec. $31$

Check My Work$3$ more Check My Work uses remaining.