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. July 31 July 31
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. July 31 July 31
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 29E: Based on the data presented in Exercise 6-25, journalize the closing entries. On March 31, 2019, the...
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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.
| July 31 | |||
| July 31 |
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