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Assignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionlocator-assignment-take;&inprogress-false; Calculator Closing Entries On July 31, 2019, the balances of the accounts appearing in the ledger of Sertian Interiors Company, a furniture wholesaler, are as follows: $530,000 15,000 1,437,000 4,500 160,000 16,000 21,500 Peter Bronsky, Capital Peter Bronsky, Drawing Accumulated Deprecdation-Building $365,000 440,000 810,000 78,000 775,000 6,000 15,000 100,000 Administrative Expenses Cash Cost of Merchandise Sold Interest Expense Merchandise Inventory Notes Payable Sales Tax Payable Seling Expenses Store Supplies Store Supplies Expense Prepare the July 31, 2019, dosing entries for Serbian Interiors Company in the order as presented in the chapter For a compound transaction, if an amount bax does not require an entry, leave it tianik 1437.000 Administrative Expenses Cost of Merchandise Sold Y Interest Expense 440.000 | 775.000 sooo) v 6.000 INS F10 F11 F12 DEL F6

Explanation / Answer

Answer.

Net Income = Sales - Cost of Merchandise Sold - Administrative Expenses - Interest Expenses - Selling Expenses - Store Supplies Expenses
Net Income = $1,437,000 - $775,000 - $440,000 - $6,000 - $160,000 - $21,500
Net Income = $34,500

Ending Peter Bronsky, Capital = Beginning Peter Bronsky, Capital + Net Income - Peter Bronsky, Drawing
Ending Peter Bronsky, Capital = $530,000 + $34,500 - $15,000
Ending Peter Bronsky, Capital = $549,500

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