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Problem
On July 31, 2016, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows:
Accumulated Depreciation-Building
$365,000
Administrative Expenses
440,000
Building
810,000
Cash
78,000
Cost of Merchandise Sold
775,000
Interest Expense
6,000
Peter Bronsky, Capital
530,000
Peter Bronsky, Drawing
15,000
Merchandise Inventory
115,000
Notes Payable
100,000
Sales
1,437,000
Sales Tax Payable
4,500
Selling Expenses
160,000
Store Supplies
16,000
Store Supplies Expense
21,500
Prepare the July 31, 2016, closing entries for Serbian Interiors Company. Refer to the Chart of Accounts for exact wording of account titles.
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