Ex 5-40 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:
| Advertising Expense | $36,000 |
| Depreciation Expense | 13,000 |
| Dividends | 65,000 |
| Freight In | 17,000 |
| Merchandise Inventory, December | 375,000 |
| Merchandise Inventory, December | 460,000 |
| Miscellaneous Expense | 9,000 |
| Purchases | 1,760,000 |
| Purchases Discounts | 35,000 |
| Purchases Returns and Allowances | 45,000 |
| Salaries Expense | 375,000 |
| Sales | 2,300,000 |
| Sales Discounts | 30,000 |
| Sales Returns and Allowances | 50,000 |
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