Ex 6-40 Closing entries using periodic inventory system
Pyramid Company is a small rug retailer owned and operated by Rosemary Endecott. After the accounts have been adjusted on January 31, the following selected account balances were taken from the ledger:
| Advertising Expense | $ 40,000 |
| Depreciation Expense | 15,000 |
| Freight In | 8,000 |
| Merchandise Inventory, January 1 | 250,000 |
| Merchandise Inventory, January 31 | 300,000 |
| Miscellaneous Expense | 29,000 |
| Purchases | 750,000 |
| Purchases Discounts | 12,000 |
| Purchases Returns and Allowances | 8,000 |
| Rosemary Endecott, Drawing | 60,000 |
| Salaries Expense | 175,000 |
| Sales | 1,200,000 |
| Sales Discounts | 20,000 |
| Sales Returns and Allowances | 30,000 |
Journalize the closing entries on January 31.
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