Solution-Prepare August closing entries for Wood Interiors

Prepare August closing entries for Wood Interiors Company

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Reference no: EM132680299

Problem - Closing Entries - On August 31, 2012, the balances of the accounts appearing in the ledger of Wood Interiors Company, a furniture wholesaler, are as follows:

Accumulated Depr.-Building	$142,000	Notes Payable	$25,000
Administrative Expenses	90,000	Retained Earnings	162,000
Building	400,000	Sales	800,000
Capital Stock	10,000	Sales Discounts	18,000
Cash	55,000	Sales Returns and Allow.	12,000
Cost of Merchandise Sold	350,000	Sales Tax Payable	3,000
Dividends	5,000	Selling Expenses	150,000
Interest Expense	1,000	Store Supplies	15,000
Merchandise Inventory	26,000	Store Supplies Expenses	20,000

Required - Prepare the August 31, 2012, closing entries for Wood Interiors Company.

Reference no: EM132680299

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Prepare August closing entries for Wood Interiors Company

Reference no: EM132680299

Reference no: EM132680299

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