Question
An adjusted trial balance is given below. Prepare closing entries for a merchandiser. Debit Credit Cash $12,600 Accounts Receivable 2,400 Prepaid Rent 800 Merchandise Inventory
An adjusted trial balance is given below. Prepare closing entries for a merchandiser.
| Debit | Credit | |
| Cash | $12,600 | |
| Accounts Receivable | 2,400 | |
| Prepaid Rent | 800 | |
| Merchandise Inventory | 28,000 | |
| Accounts Payable | $4,200 | |
| Salaries Payable | 1,000 | |
| Notes Payable | 800 | |
| Smith, Capital | 13,800 | |
| Smith, Withdrawals | 3,400 | |
| Sales Revenue | 96,000 | |
| Sales Discounts Forfeited | 400 | |
| Cost of Goods Sold | 25,000 | |
| Salaries Expense | 21,000 | |
| Rent Expense | 14,000 | |
| Selling Expense | 8,500 | |
| Supplies Expense | 500 |
|
| Total | $116,200 | $116,200 |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
9781285586618
