S5B-16 Journalizing closing entries—periodic inventory system D & B Printing Supplies’s accounting records include the following accounts at
December 31, 2018.
Purchases $ 193,200 Accumulated Depreciation—Building $ 22,000
Accounts Payable 7,800 Cash 21,700
Rent Expense 8,500 Sales Revenue 296,100
Building 44,100 Depreciation Expense—Building 4,500
Common Stock 58,000 Dividends 29,400
Retained Earnings 4,100 Interest Expense 2,600
Merchandise Inventory, Beginning 120,000 Merchandise Inventory, Ending 103,100
Notes Payable 12,100 Purchase Returns and Allowances 21,200
Purchase Discounts 2,700
Requirements
1. Journalize the required closing entries for D & B Printing Supplies assuming that
D & B uses the periodic inventory system.
2. Determine the ending balance in the Retained Earnings account.

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