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

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.6.5MBA
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On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of
Serbian Interiors Company, a furniture retailer, are as follows:
Accumulated Depr.-Building
$365,000
Inventory
$ 115,000
Notes Payable
Retained Earnings
Administrative Expenses
440,000
100,000
Building
810,000
455,000
Cash
78,000
75,000
Sales
1,437,000
Common Stock
Sales Tax Payable
Selling Expenses
Store Supplies
Store Supplies Expense
4,500
Cost of Goods Sold
775,000
160,000
Dividends
15,000
16,000
Interest Expense
6,000
21,500
Prepare the July 31 closing entries for Serbian Interiors Company.
Transcribed Image Text:On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture retailer, are as follows: Accumulated Depr.-Building $365,000 Inventory $ 115,000 Notes Payable Retained Earnings Administrative Expenses 440,000 100,000 Building 810,000 455,000 Cash 78,000 75,000 Sales 1,437,000 Common Stock Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense 4,500 Cost of Goods Sold 775,000 160,000 Dividends 15,000 16,000 Interest Expense 6,000 21,500 Prepare the July 31 closing entries for Serbian Interiors Company.
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