On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors Company, a furniture wholesaler, are as follows: Accumulated Depr.—Building $443,000 Administrative Expenses 534,000 Building 984,000 Cash 95,000 Cost of Merchandise Sold 941,000 Interest Expense 7,000 Merchandise Inventory 140,000 Notes Payable 121,000 Peter Bronsky, Capital $644,000 Peter Bronsky, Drawing 18,000 Sales 1,745,000 Sales Tax Payable 4,500 Selling Expenses 194,000 Store Supplies 19,000 Store Supplies Expense 25,500 Prepare the July 31, 20Y7, closing entries for Yang Interiors Company.
On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors Company, a furniture wholesaler, are as follows:
Accumulated Depr.—Building $443,000
Administrative Expenses 534,000
Building 984,000
Cash 95,000
Cost of Merchandise Sold 941,000
Interest Expense 7,000
Merchandise Inventory 140,000
Notes Payable 121,000
Peter Bronsky, Capital $644,000
Peter Bronsky, Drawing 18,000
Sales 1,745,000
Sales Tax Payable 4,500
Selling Expenses 194,000
Store Supplies 19,000
Store Supplies Expense 25,500
Prepare the July 31, 20Y7, closing entries for Yang Interiors Company.
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