On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows:
Accumulated Depr.—Building $365,000
Peter Bronsky, Capital $ 530,000
Administrative Expenses 440,000
Peter Bronsky, Drawing 15,000
Building 810,000
Sales 1,437,000
Cash 78,000
Sales Tax Payable 4,500
Cost of Merchandise Sold 775,000
Selling Expenses 160,000
Interest Expense 6,000
Store Supplies 16,000
Merchandise Inventory 115,000
Store Supplies Expense 21,500
Notes Payable 100,000
Prepare the July 31, 2019, closing entries for Serbian Interiors Company.
Answer:
2019
July 31 Sales1,437,000
Administrative Expenses440,000
Cost of Merchandise Sold775,000
Interest Expense6,000
Selling Expenses160,000
Store Supplies Expense21,500
Peter Bronsky, Capital34,500
31 Peter Bronsky, Capital15,000
Peter Bronsky, Drawing15,000