question ex 5 29 closing entries obj 4 on july 31 2016 the balances of the accounts 4304401

Question

EX 5-29 Closing entries OBJ. 4 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 Administrative Expenses Building Cash Common Stock Cost of Merchandise Sold Dividends Interest Expense Merchandise Inventory 100,000 455,000 ,437,000 4,500 160,000 6,000 21,500 $365,000 Notes Payable 440,000 Retained Earnings 810,000 Sales 78,000 75,000 775,000 15,000 6,000 115,000 Sales Tax Payable Selling Expenses Store Supplies Store Supplies Expense Prepare the July 31, 2016, closing entries for Serbian Interiors Company.