Question: Using the information in QS 18, prepare the closing entries. In QS 18 Merchandise inventory (January 1, 2014)........................................................... $ 40,000 Kay Bondar, capital............................................................................................. 102,000 Kay

Using the information in QS 18, prepare the closing entries.

In QS 18

Merchandise inventory (January 1, 2014)...........................................................         $ 40,000

Kay Bondar, capital.............................................................................................             102,000

Kay Bondar, withdrawals.....................................................................................              65,000

Sales....................................................................................................................               450,000

Sales returns and allowances...............................................................................            27,000

Purchases............................................................................................................             180,000

Purchase discounts..............................................................................................                1,400

Transportation-in.................................................................................................               14,000

Merchandise inventory (December 31, 2014)......................................................            22,000

Salaries expense..................................................................................................             120,000

Depreciation expense...........................................................................................             31,000

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