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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