On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors...

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.

Chart of Accounts

CHART OF ACCOUNTS

Yang Interiors Company

General Ledger

	ASSETS
110	Cash
130	Merchandise Inventory
141	Store Supplies
190	Building
191	Accumulated Depreciation-Building

	LIABILITIES
218	Sales Tax Payable
221	Notes Payable

	EQUITY
310	Peter Bronsky, Capital
311	Peter Bronsky, Drawing

	REVENUE
410	Sales

	EXPENSES
510	Cost of Merchandise Sold
523	Depreciation Expense
534	Store Supplies Expense
539	Selling Expenses
540	Administrative Expenses
710	Interest Expense

Journal

PAGE 10

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
2
3
4
5
6
7
8
9
10

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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