Prepare july closing entries for serbian interiors company

Reference no: EM131891424

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.

Reference no: EM131891424

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