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