On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture retailer, are as follows: Accumulated Depr.-Building $365,000 Inventory $ 115,000 Notes Payable Retained Earnings Administrative Expenses 440,000 100,000 Building 810,000 455,000 Cash 78,000 75,000 Sales 1,437,000 Common Stock Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense 4,500 Cost of Goods Sold 775,000 160,000 Dividends 15,000 16,000 Interest Expense 6,000 21,500 Prepare the July 31 closing entries for Serbian Interiors Company.

On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture retailer, are as follows: Accumulated Depr.-Building $365,000 Inventory $ 115,000 Notes Payable Retained Earnings Administrative Expenses 440,000 100,000 Building 810,000 455,000 Cash 78,000 75,000 Sales 1,437,000 Common Stock Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense 4,500 Cost of Goods Sold 775,000 160,000 Dividends 15,000 16,000 Interest Expense 6,000 21,500 Prepare the July 31 closing entries for Serbian Interiors Company.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.18E: Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the...

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