Closing EntriesOn 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$530,000Administrative Expenses440,000 Peter Bronsky, Drawing15,000Building810,000 Sales1,437,000Cash78,000 Sales Tax Payable4,500Cost of Merchandise Sold775,000 Selling Expenses160,000Interest Expense6,000 Store Supplies16,000Merchandise Inventory115,000 Store Supplies Expense21,500Notes Payable100,000 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. Prepare the July 31, 2019, closing entries for Serbian Interiors CompanyFor a compound transaction, if an amount box does not require an entry,July 31July 31Check My WorkAll work saved.lenov

Closing entries are the entries which are made with the purpose of closure of a particular account.…

Answered: Prepare the July 31, 2019, closing…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

Prepare the July 31, 2019, closing entries for Serbian Interiors Company
For a compound transaction, if an amount box does not require an entry,
July 31
July 31
Check My Work
All work saved.
lenov

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