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ructions On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian...

ructions 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 $365,000 Administrative Expenses 440,000 Building 810,000 Cash 78,000 Cost of Merchandise Sold 775,000 Interest Expense 6,000 Merchandise Inventory 115,000 Notes Payable 100,000 Peter Bronsky, Capital 530,000 Peter Bronsky, Drawing 15,000 Sales 1,437,000 Sales Tax Payable 4,500 Selling Expenses 160,000 Store Supplies 16,000 Store Supplies Expense 21,500 Required: Prepare the July 31, 2019, closing entries for Serbian Interiors Company. Refer to the Chart of Accounts for exact wording of account titles.

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Answer #1

Closing entries

Date account and explanation Debit Credit
July 31 Sales 1437000
Income summary 1437000
(To close revenue)
July 31 Income summary 1402500
Administrative expense 440000
Cost of merchandise sold 775000
Interest expense 6000
Selling expense 160000
Store supplies expense 21500
(To close expense)
July 31 Income summary 34500
Peter Bronsky' Capital 34500
(To close income summary)
July 31 Peter Bronsky capital 15000
Peter Bronsky withdrawal 15000
(To close drawing)
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