Closing Entries On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows: Accumulated Depreciation—Building $365,000   Peter Bronsky, Capital $530,000 Administrative Expenses 440,000   Peter Bronsky, Drawing 15,000 Building 810,000   Sales 1,437,000 Cash 78,000   Sales Tax Payable 4,500 Cost of Merchandise Sold 775,000   Selling Expenses 160,000 Interest Expense 6,000   Store Supplies 16,000 Merchandise Inventory 115,000   Store Supplies Expense 21,500 Notes Payable 100,000         Prepare the July 31, 2019, closing entries for Serbian Interiors Company in the order as presented in the chapter. For a compound transaction, if an amount box does not require an entry, leave it blank. July 31                                                       July 31

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Closing Entries

On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows:

Accumulated Depreciation—Building $365,000   Peter Bronsky, Capital $530,000
Administrative Expenses 440,000   Peter Bronsky, Drawing 15,000
Building 810,000   Sales 1,437,000
Cash 78,000   Sales Tax Payable 4,500
Cost of Merchandise Sold 775,000   Selling Expenses 160,000
Interest Expense 6,000   Store Supplies 16,000
Merchandise Inventory 115,000   Store Supplies Expense 21,500
Notes Payable 100,000      

 

Prepare the July 31, 2019, closing entries for Serbian Interiors Company in the order as presented in the chapter.

For a compound transaction, if an amount box does not require an entry, leave it blank.

July 31      
       
       
       
       
       
       
July 31      
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