Based on the data presented in Exercise 6-25, journalize the closing entries.
Answer:
2019
Mar. 31 Sales2,564,000
Cost of Merchandise Sold1,520,000
Selling Expenses286,000
Administrative Expenses216,000
Interest Expense4,000
Kathy Melman, Capital538,000
31 Kathy Melman, Capital70,000
Kathy Melman, Drawing70,000