a physical count of the inventory indicates that the actual amount on hand is $5450. Ben's uses the perpetual inventory system.

prepare the closing entries and post- closing trial balance

the amount are accounts payable 3900 accounts receivable 2150 capital 6920 drawings 5000 cash 1180 cost of goods sold 45800 freight out expense 1000 insurance expense 720 merchandise inventory 5800 rent expense 4800 salaries expense 12620 sales revenue 68500 sales returns and allowances 250