Closing entries
On October 31, 2014, the balances of the accounts appearing in the ledger of Acorn Interiors Company, a furniture wholesaler, are as follows:
|
Accumulated Depr.—Building |
$142,000 |
Notes Payable |
$ 125,000 |
|
Administrative Expenses |
300,000 |
Retained Earnings |
105,000 |
|
Building |
446,000 |
Sales |
1,375,000 |
|
Capital Stock |
75,000 |
Sales Discounts |
20,000 |
|
Cash |
60,000 |
Sales Returns and Allow. |
13,000 |
|
Cost of Merchandise Sold |
650,000 |
Sales Tax Payable |
3,000 |
|
Dividends |
25,000 |
Selling Expenses |
140,000 |
|
Interest Expense |
10,000 |
Store Supplies |
23,000 |
|
Merchandise Inventory |
126,000 |
Store Supplies Expense |
12,000 |
Prepare the October 31, 2014, closing entries for Acorn Interiors Company.