12 Feb Pyramid Company is a small rug retailer owned and
Pyramid Company is a small rug retailer owned and operated by Rosemary Endecott. After the accounts have been adjusted on January 31, the following selected account balances were taken from the ledger:Advertising Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Freight In . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000Merchandise Inventory, January 1 . . . . . . . . . . . . . . . . . . . 250,000Merchandise Inventory, January 31 . . . . . . . . . . . . . . . . . . 300,000Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000Purchases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750,000Purchases Discounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000Purchases Returns and Allowances . . . . . . . . . . . . . . . . . . 8,000Rosemary Endecott, Drawing. . . . . . . . . . . . . . . . . . . . . . . 60,000Salaries Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,200,000Sales Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000Sales Returns and Allowances . . . . . . . . . . . . . . . . . . . . . . 30,000Journalize the closing entries on January 31.View Solution: Pyramid Company is a small rug retailer owned and operated by
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