Accounting for Merchandising Operations nents and P5-4A The unadjusted trial balance of World Enterprises for the year ending December 31, 2002, is shown below: WORLD ENTERPRISES Trial Balance December 31, 2002 Debit Credit Cash $ 14,000 Accounts Receivable 30,600 Merchandise Inventory 27,500 Prepaid Insurance 1,800 Store Equipment 42,000 Accumulated Amortization Store Equipment $ 9,000 Accounts Payable 34,400 Sales Taxes Payable 3,000 R. Roger, Capital 50,300 Sales 238,500 Sales Returns and Allowances 4,600 Cost of Goods Sold 177,000 Salaries Expense 31,600 Rent Expense 6,100 Totals $335,200 $335,200 Other data: 1. Insurance expired, $800. 2. Amortization expense, $3,000. 3. Rent payable, $500. Instructions (a) Prepare a multiple-step income statement, statement of owner's equity, and balance sheet. (b) Prepare the closing entries