Closing entries
On October 31, 2014, the balances of the accounts appearing in the ledger of Acorn Interiors Company, a furniture wholesaler, are as follows:
| Accumulated Depr.—Building | $142,000 | Notes Payable | $ 125,000 |
| Administrative Expenses | 300,000 | Retained Earnings | 105,000 |
| Building | 446,000 | Sales | 1,375,000 |
| Capital Stock | 75,000 | Sales Discounts | 20,000 |
| Cash | 60,000 | Sales Returns and Allow. | 13,000 |
| Cost of Merchandise Sold | 650,000 | Sales Tax Payable | 3,000 |
| Dividends | 25,000 | Selling Expenses | 140,000 |
| Interest Expense | 10,000 | Store Supplies | 23,000 |
| Merchandise Inventory | 126,000 | Store Supplies Expense | 12,000 |
Prepare the October 31, 2014, closing entries for Acorn Interiors Company.
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