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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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:
| $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.
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