Use the data for Excel Company in Problem 5-5B to prepare compound closing entries for the company as of May 31.
In Problem 5-5B

Debit Credit 21,000 385,200 Merchandise inventory Other assets Liabilities Reena Excel, capital $ 105,000 339,1S0 48,000 636,000 Sales Sales discounts Sales returns and allowances Cost of goods sold 9,750 42,000 296,000 87,000 30,000 7,500 54,000 79,500 17,800 2,400 Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Office supplies expense Totals $1,080,150 1,080,150