On July 31, 2019, the balances of the accounts appearing in the ledger of Serbia

Question

On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Merchandise Inventory Notes Payable $365,000 440,000 810,000 78,000 775,000 6,000 115,000 100,000 Peter Bronsky, Capital Peter Bronsky, Drawing Sales Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense $530,000 15,000 1,437,000 4,500 160,000 16,000 21,500 Prepare the July 31, 2019, closing entries for Serbian Interiors Company in the order as presented in the chapter For a compound transaction, if an amount box does not require an entry, leave it blank. July 31 July 31

Explanation / Answer

31-Jul Sales 1437000       Income Summary 1437000 31-Jul Income Summary 1402500       Cost of merchandise sold 775000        Administraive expenses 440000        Interest expense 6000        Selling expenses 160000        Store supplies expense 21500 31-Jul Income Summary 34500        Peter Bronsky, Capital 34500 31-Jul Peter Bronsky, Capital 15000        Peter Bronsky, Drawing 15000

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