On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows:

On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows:

Accumulated Depr.—Building $365,000 

Peter Bronsky, Capital $    530,000

Administrative Expenses 440,000 

Peter Bronsky, Drawing 15,000

Building 810,000 

Sales 1,437,000

Cash 78,000 

Sales Tax Payable 4,500

Cost of Merchandise Sold 775,000 

Selling Expenses 160,000

Interest Expense 6,000 

Store Supplies 16,000

Merchandise Inventory 115,000 

Store Supplies Expense 21,500

Notes Payable 100,000

Prepare the July 31, 2019, closing entries for Serbian Interiors Company.

Answer:

2019

 July 31 Sales1,437,000

Administrative Expenses440,000

Cost of Merchandise Sold775,000

Interest Expense6,000

Selling Expenses160,000

Store Supplies Expense21,500

Peter Bronsky, Capital34,500

31 Peter Bronsky, Capital15,000

Peter Bronsky, Drawing15,000