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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
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Category > Accounting Posted 20 Aug 2017 My Price 9.00

Serbian Interiors Company

Closing entries

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

 

Accumulated Depr.—Building

$365,000

Notes Payable

$  100,000

Administrative  Expenses

440,000

Retained Earnings

455,000

Building

810,000

Sales

1,437,000

Cash

78,000

Sales Tax Payable

4,500

Common Stock

75,000

Selling Expenses

160,000

Cost of Merchandise Sold

775,000

Store Supplies

16,000

Dividends

15,000

Store Supplies Expense

21,500

Interest Expense

6,000

 

 

Merchandise Inventory

115,000

 

 

 

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

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 06:08 PM My Price 9.00

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