Closing Entries On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows: Accumulated Depreciation—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 in the order as presented in the chapter. For a compound transaction, if an amount box does not require an entry, leave it blank. July 31                                                       July 31

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The following are the balances of the liability accounts of ABC Company as of December 31,2021:Accounts payable - P 1,000,000(recognized for purchase of inventories, including a debit balance in the suppliers account of P 150,000) The following are not yet reflected in the balance of accounts payable above:- Upon receipt of the goods on January 1,2022 costing P 175,000, the accounting staff of ABC Company recorded the purchase in the accounts. It was determined that the goods were shipped Shipping point on December 31,2021.-Goods with invoice cost of P 255,000 which were shipped FOB Destination on December 31,2021 from a vendor were lost in transit. On January 2, 2022, vendor filed a claim against the shipping company.Notes payable - P 1,500,000, composed of the following:  - 10% , P 750,000 interest bearing note , issuance date: Jan.1,2019 ; due: December 31,2023 ( interest is payable annually)  - 12%,P 750,000, interest bearing note , issuance date: Jan.1,2020 ; due: December 31,2024…

Quimby Sports Authority purchased inventory costing $30,000 by signing a 6% short-term, one-year note payable. The purchase occurred on July 31, 2021. Quimby pays annual interest each year on July 31. Read the requirements. First, journalize the company's (a) purchase of inventory. (Record debits first, then credits Exclude explanations from journal entries.) Journal Entry Jul Date 2021 31 Accounts Print Debit Requirements Joutnalize the company's (a) purchase of inventory; (b) accrual of interest expense on April 30, 2022, which is the company's fiscal year-end; and (c) payment of the note plus interest on July 31, 2022. (Round your answers to the nearest whole number) (d) Show what the company would report for liabilities on its balance sheet at April 30, 2022, and on its income statement for the year ended on that date Done - X Credit Clear all Check answer

On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $746,350 Administrative Expenses 515,750 Building 2,419,500 Cash 168,150 Cost of Merchandise Sold 3,900,350 Interest Expense 9,750 Kathy Melman, Capital 1,585,350 Kathy Melman, Drawing 180,400 Merchandise Inventory 941,750 Notes Payable 261,150 Office Supplies 21,000 Salaries Payable 7,850 Sales 6,627,450 Selling Expenses 710,900 Store Supplies 93,650     Required: a. Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other expenses section only, enter amounts that represent other expenses as negative numbers…