Instructions On July 31, 2017, the balances of the accounts appearing in the ledger of Yang Interiors Company, a furniture wholesaler, are as follows: $443,000 534,000 984,000 95,000 941,000 7,000 140,000 Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Merchandise Inventory Notes Payable Peter Bronsky, Capital Peter Bronsky, Drawing Sales Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense 121,000 644,000 18,000 1,745,000 4,500 194,000 19,000 25,500 Required: Prepare the July 31, 2017, closing entries for Yang Interiors Company. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS Yang Interiors Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 130 Merchandise Inventory 141 Store Supplies 190 Building 191 Accumulated Depreciation-Building EXPENSES 510 Cost of Merchandise Sold 523 Depreciation Expense 534 Store Supplies Expense 539 Selling Expenses 540 Administrative Expenses 710 Interest Expense LIABILITIES 218 Sales Tax Payable 221 Notes Payable EQUITY 310 Peter Bronsky, Capital 311 Peter Bronsky, Drawing Journal PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10