on august 31 2012 the balances of the accounts appearing in the ledger of wood inter 551439 | Homework Solutions

EX 6-29 Closing entries

On August 31, 2012, the balances of the accounts appearing in the ledger of Wood Interiors Company, a furniture wholesaler, are as follows:

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Accumulated Depr.—Building

$142,000

Notes Payable

$ 25,000

Administrative Expenses

90,000

Sales

800,000

Building

400,000

Sales Discounts

18,000

Cash

55,000

Sales Returns and Allow.

12,000

Cost of Merchandise Sold

350,000

Sales Tax Payable

3,000

Interest Expense

1,000

Selling Expenses

150,000

Kate Archer, Capital

172,000

Store Supplies

15,000

Kate Archer, Drawing

5,000

Store Supplies Expenses

20,000

Merchandise Inventory

26,000

Prepare the August 31, 2012, closing entries for Wood Interiors Company.

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