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

Prepare the July 31 closing entries for Serbain Interiors Company.

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