On July 31, 20Y7, the balances of the accounts appearing in the ledger of yang Interiors Company,

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On July 31, 20Y7, the balances of the accounts appearing in the ledger of yang Interiors Company, a furniture wholesaler, are as follows:


Accumulated Depr.—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


Prepare the July 31, 20Y7, closing entries for Yang Interiors Company.

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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