Reference no: EM132751177

Problem - On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture retailer, are as follows:

Accumulated Depr.-Building $365,000

Administrative Expenses 440,000

Building 810,000

Cash 78,000

Common Stock 75,000

Cost of Goods Sold 775,000

Dividends 15,000

Interest Expense 6,000

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

Required - Prepare the July 31 closing entries for Serbian Interiors Company.