5-32

Lyll oods Sold, (D) Dividends, CE)a () Wages Payable. From the following list, identify the accoufils inventory Invent of the fiscal year under a perpetual able, (B) Advertising Expense, (C) Cost of (F) Sales, (G) Supplies, (H) Supplies Expense, Obj. 4 EX 5-31 Based on the data presented in Exercise 3-24, journa Closing entries; net income lize the closing entries. Obj. 4 EX 5-32 Closing entries ger n July 31, the close of the fiscal year, the balances of the accounts appearing in the led as follows: of Serbian interiors Company, a furniture wholesaler, are Depr.- Building $365,000 Inventory $115,000 100,000 440,000 Notes Payable 810,000Retained Earnings Administrative Expenses Building Cash Common Stock Cost of Goods Sold 455,000 1,437,000 4,500 160,000 16,000 78,000 Sales 75,000 Sales Tax Payable 775,000 Selling Expenses Store Supplies Store Supplies Expense Dividends 15,000 6,000 Interest Expense 21,500 Prepare the July 31 closing entries for Serbian Interiors Company