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

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Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207
BuyFind

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207

Solutions

Chapter
Section
Chapter 5, Problem 5.32EX
Textbook Problem

Closing entries

On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a fumiture wholesaler, are as follows:

Accumulated Depr.—Building $365,000 Inventory $ 115,000
Administrative Expenses 440,000 Notes Payable 100,000
Building 810,000 Retained Earnings 455,000
Cash 78,000 Sales 1,437,000
Common Stock 75,000 Sales Tax Payable 4,500
Cost of Goods Sold 775,000 Selling Expenses 160,000
Dividends 15,000 Store Supplies 16,000
Interest Expense 6,000 Store Supplies Expense 21,500

Prepare the July 31 closing entries for Serbian Interiors Company.

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Chapter 5 Solutions

Financial & Managerial Accounting
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