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:
| 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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