Question
On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building
On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors Company, a furniture wholesaler, are as follows:
Accumulated Depreciation-Building | $443,000 |
Administrative Expenses | 534,000 |
Building | 984,000 |
Cash | 95,000 |
Cost of Merchandise Sold | 941,000 |
Interest Expense | 7,000 |
Merchandise Inventory | 140,000 |
Notes Payable | 121,000 |
Peter Bronsky, Capital | 644,000 |
Peter Bronsky, Drawing | 18,000 |
Sales | 1,745,000 |
Sales Tax Payable | 4,500 |
Selling Expenses | 194,000 |
Store Supplies | 19,000 |
Store Supplies Expense | 25,500 |
Required:
Prepare the July 31, 20Y7, 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 | |||||||||||||||||||||||||||||||||||||||||||
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Journal
Prepare the July 31, 20Y7, 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.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
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