Prepare the October 31, 2008, closing entries for Kavanaugh Company.

On October 31, 2008, the balances of the accounts appearing in the ledger of Kavanaugh Company, a furniture wholesaler, are as follows:

Accumulated Dep.—Building

$152,300

Notes Payable

$ 120,000

Administrative Expenses

326,500

Salaries Payable

3,400

Building

278,400

Sales

1,567,700

Cash

44,200

Sales Discounts

90,000

Cost of Merchandise Sold

940,000

Sales Returns and Allow.

60,000

Interest Expense

9,600

Sales Tax Payable

24,500

Lillian Kavanaugh, Capital

705,775

Selling Expenses

620,000

Lillian Kavanaugh, Drawing

39,750

Store Supplies

22,900

Merchandise Inventory

130,000

Store Supplies Exp.

12,325

Prepare the October 31, 2008, closing entries for Kavanaugh Company.

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