Please answer thoroughly, I am trying to understand the material before i take my exam. Thank you so much in advanced.

The Post-Closing Trial Balance of Salami, Inc. as of December 31, 2011 appears below: READ EACH DESCRIPTION CAREFULLY and record the transaction for its ending impact for 2012. NO QUESTIONS WILL BE ANSWERED. PRINT CLEARLY and USE COMPLETE Account Titles. Dr Cr. 496,000 499,000 50,000 525,000 150,000 875,000 215,000 Account Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Rent Prepaid Insurance Inventory Furniture and Fixtures Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Depreciation Expense Utility Expense Bad Debt Expense Insurance Expense Dividends Totals 85,000 750,000 80,000 1,200,000 595,000 2,760,000 2,760,000 1) Purchase of inventory for resale was $5,000,000. All purchases were made on account. 2) Payments for inventory purchased on account were $5,210,000. 3) Sales of merchandise totaled $11,200,000. Of this amount, 20% of the sales were made on account; the remaining sales were paid in cash. 4) The cost of the merchandise sold during the year was $4,000,000. The Post-Closing Trial Balance of Salami, Inc. as of December 31, 2011 appears below: READ EACH DESCRIPTION CAREFULLY and record the transaction for its ending impact for 2012. NO QUESTIONS WILL BE ANSWERED. PRINT CLEARLY and USE COMPLETE Account Titles. Dr Cr. 496,000 499,000 50,000 525,000 150,000 875,000 215,000 Account Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Rent Prepaid Insurance Inventory Furniture and Fixtures Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Depreciation Expense Utility Expense Bad Debt Expense Insurance Expense Dividends Totals 85,000 750,000 80,000 1,200,000 595,000 2,760,000 2,760,000 1) Purchase of inventory for resale was $5,000,000. All purchases were made on account. 2) Payments for inventory purchased on account were $5,210,000. 3) Sales of merchandise totaled $11,200,000. Of this amount, 20% of the sales were made on account; the remaining sales were paid in cash. 4) The cost of the merchandise sold during the year was $4,000,000