Closing Entries On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbia Company, a furniture retailer, are as follows: $365,000 Inventory $115,000 Accumulated Depreciation- Building Administrative Expenses Notes Payable Retained Earnings Building Sales Cash Common Stock Cost of Goods Sold 440,000 810,000 78,000 75,000 775,000 15,000 100,000 455,000 1,437,000 4,500 160,000 16,000 Dividends Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense Interest Expense 6,000 21,500 Prepare the July 31 closing entries for Serbian Interiors Company. If an amount box does not require an entry, leave it blank. July 31 Sales 1,437,000 Administrative Expenses 440,000 Cost of Goods Sold 775,000 Interest Expense 6,000 Selling Expenses 160,000 Store Supplies Expense 21,500 Retained Earnings July 31 Retained Earnings Dividends