P3-9 (Adjusting and Closing) Presented below is the December 31 trial balance of New York Boutique. NEW YORK BOUTIQUE TRIAL BALANCE DECEMBER 31 Debit Credit Cash $ 18,500 Accounts Receivable 32,000 Allowance for Doubtful Accounts $ 700 Inventory, December 31 80,000 Prepaid Insurance 5,100 Furniture and Equipment 84,000 Accumulated Depreciation?Furniture and Equipment 35,000 Notes Payable 28,000 Common Stock 80,600 Retained Earnings 10,000 Sales 600,000 Cost of Goods Sold 408,000 Sales Salaries Expense 50,000 Advertising Expense 6,700 Administrative Salaries Expense 65,000 Office Expense 5,000 $754,300 $754,300 Instructions A) Construct T-accounts and enter the balances shown.

Presented below is the December 31 trial balance of New York Boutique. NEW YORK BOUTIQUE TRIAL BALANCE DECEMBER 31 Allowance for Doubtful Accounts Inventory, December 31 Furniture and Equipment Accumulated DepreciationFurniture and Equipment Sales Salaries Expense Administrative Salaries Expense Presented below is the December 31 trial balance of New York Boutique. NEW YORK BOUTIQUE TRIAL BALANCE DECEMBER 31 Allowance for Doubtful Accounts Inventory, December 31 Furniture and Equipment Accumulated DepreciationFurniture and Equipment Sales Salaries Expense Administrative Salaries Expense