On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors Company, a furniture wholesaler, are as follows: Accumulated Depreciation-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   Required:   Prepare the July 31, 20Y7, closing entries for Yang Interiors Company. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. For journal closing entries, has only 9 usable slots, no more.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 Depreciation-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
 
Required:
 

Prepare the July 31, 20Y7, closing entries for Yang Interiors Company. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

For journal closing entries, has only 9 usable slots, no more.

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