Closing entries; net income on march 31, 2019, the balances of the accounts appearing in the ledger of racine furnishings company, a furniture wholesaler, are as follows: accumulated depreciation—building $300,000 merchandise inventory $392,000 administrative expenses 216,000 notes payable 100,000 building 1,000,000 office supplies 8,000 cash 70,000 salaries payable 3,200 cost of merchandise sold 1,520,000 sales 2,564,000 interest expense 4,000 selling expenses 286,000 kathy melman, capital 634,800 store supplies 36,000 kathy melman, drawing 70,000 journalize the closing entries in the order as presented in the chapter. for a compound transaction, if an amount box does not require an entry, leave it blank. mar. 31 sales cost of merchandise sold selling expenses administrative expenses mar. 31

Kiona co. set up a petty cash fund for payments of small amounts. the following transactions involving the petty cash fund occurred in may (the last month of the company's fiscal year). may 1 prepared a company check for $350 to establish the petty cash fund. 15 prepared a company check to replenish the fund for the following expenditures made since may 1. a. paid $109.20 for janitorial services. b. paid $89.15 for miscellaneous expenses. c. paid postage expenses of $60.90. d. paid $80.01 to the county gazette (the local newspaper) for an advertisement. e. counted $26.84 remaining in the petty cashbox. 16 prepared a company check for $200 to increase the fund to $550. 31 the petty cashier reports that $380.27 cash remains in the fund. a company check is drawn to replenish the fund for the following expenditures made since may 15. f. paid postage expenses of $59.10. g. reimbursed the office manager for business mileage, $47.05. h. paid $48.58 to deliver merchandise to a customer, terms fob destination. 31 the company decides that the may 16 increase in the fund was too large. it reduces the fund by $50, leaving a total of $500.