On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows: $ 530,000 Accumulated Depr.-Building Administrative Expenses Peter Bronsky, Capital $365,000 Peter Bronsky, Drawing 15,000 440,000 Building 810,000 Sales 1,437,000 Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense 4,500 Cash 78,000 Cost of Merchandise Sold 775,000 160,000 Interest Expense Merchandise Inventory 16,000 6,000 115,000 21,500 Notes Payable 100,000 Prepare the July 31, 2019, closing entries for Serbian Interiors Company.

On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows: $ 530,000 Accumulated Depr.-Building Administrative Expenses Peter Bronsky, Capital $365,000 Peter Bronsky, Drawing 15,000 440,000 Building 810,000 Sales 1,437,000 Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense 4,500 Cash 78,000 Cost of Merchandise Sold 775,000 160,000 Interest Expense Merchandise Inventory 16,000 6,000 115,000 21,500 Notes Payable 100,000 Prepare the July 31, 2019, closing entries for Serbian Interiors Company.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 25E: On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings...

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