Question
Asked Oct 16, 2019
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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
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lenov
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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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Step 1

Closing entries are the entries which are made with the purpose of closure of a particular account. The preparation of a closing entry is done...

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