Closing entries Obj. 4 On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture retailer, are as follows:

Accumulated Depr.—Building $365,000 Inventory $ 115,000 Administrative Expenses 440,000 Notes Payable 100,000 Building 810,000 Retained Earnings 455,000 Cash 78,000 Sales 1,437,000 Common Stock 75,000 Sales Tax Payable 4,500 Cost of Goods Sold 775,000 Selling Expenses 160,000 Dividends 15,000 Store Supplies 16,000 Interest Expense 6,000 Store Supplies Expense 21,500 Prepare the July 31 closing entries for Serbian Interiors Company.

AppendixLO1