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Closing Entries On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a
Closing Entries
On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows:
Accumulated DepreciationBuilding | $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, 2018, closing entries for Serbian Interiors Company in the order as presented in the chapter.
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