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create income statement, statement if retained earnings, balance sheet, and closing entries using the data given: Pony Expressions Adjusted Trial Balance Friday, July 31, 2022
create income statement, statement if retained earnings, balance sheet, and closing entries using the data given:
Pony Expressions Adjusted Trial Balance Friday, July 31, 2022 \begin{tabular}{l|r|r|} \hline \multicolumn{1}{c|}{ ACCOUNT TITLE } & \multicolumn{1}{c|}{ DEBIT } & \multicolumn{1}{c|}{ CREDIT } \\ \hline Cash & $84,000 & \\ \hline Accounts Receivable & $589,000 & \\ \hline Merchandise Inventory & $1,020,000 & \\ \hline Store Equipment & $575,000 & \\ \hline Accumulated Depreciation-Store Equipment & & $84,000 \\ \hline Accounts Payable & & $53,000 \\ Salaries Payable & & $12,000 \\ \hline Utilities Payable & & $30,000 \\ \hline Retained Earnings & & $527,000 \\ \hline Sales & $5,120,000 \\ \hline Cost of Goods Sold & $735,000 & \\ \hline Sales Salaries Expense & $290,000 & \\ \hline Advertising Expense & $14,000 & \\ \hline Depreciation Expense & $13,000 & \\ \hline Miscellaneous Selling Expense & $410,000 & \\ \hline Office Salaries Expense & $89,000 & \\ \hline Rent Expense & $7,000 & \\ \hline Administrative Expense & $5,826,000 & $5,826,000 \\ \hline Totals & & \\ \hline \end{tabular} Step by Step Solution
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