On July 31, 2016, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows:

Accumulated Depreciation-Building	$365,000
Administrative Expenses	440,000
Building	810,000
Cash	78,000
Common Stock	75,000
Cost of Merchandise Sold	775,000
Dividends	15,000
Interest Expense	6,000
Merchandise Inventory	115,000
Notes Payable	100,000
Retained Earnings	455,000
Sales	1,437,000
Sales Tax Payable	4,500
Selling Expenses	160,000
Store Supplies	16,000
Store Supplies Expense	21,500

Prepare the July 31, 2016, closing entries for Serbian Interiors Company.