Question
Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31, 2018, follows: Close Income Summary. Discount
Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31, 2018, follows:
Close Income Summary.
Discount Office Systems
Adjusted Trial Balance
March 31, 2018
Balance
Account Title Debit Credit
Cash $3,800
Accounts Receivable 13,100
Merchandise Inventory 31,400
Office Supplies 6,500
Equipment 42,400
Accumulated DepreciationEquipment $13,000
Accounts Payable 9,900
Salaries Payable 1,100
Notes Payable, long-term 7,900
Morris, Capital 26,250
Morris, Withdrawal 45,500
sales Revenue 233,000
Cost of Goods Sold 104,850
Selling Expense 26,700
Administrative Expense 14,800
interest Expense 2,100
$291,150
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