The following is a summary of the account balances of the Roll Tide Corporation for both the beginning and ending of the current accounting period

The following is a summary of the account balances of the Roll Tide Corporation for both the beginning and ending of the current accounting period Debits Cash Accounts receivable Inventory Prepaid Insurance Equipment Cost of Goods Sold Income Tax Expense Other Operating Expenses (see #2) Note Receivable Dec 31, 2016 349,000 55,000 15,000 12,000 85,000 450,000 105,000 200,000 15,000 Jan 1, 2016 130,000 42,000 27,000 13,000 75,000 15,000 Jan 1, 2016 Credits Dividends Payable Gain on Sale of Equipment Interest Payable Accumulated Depreciation - Equipment 50,000 Accounts payable Income Taxes Payable Long Term Notes Payable Common Stock Retained Earnings* Net Sales Interest Revenue Dividend Revenue *This is the ending balance to Retained Earnings after the closing entries have been made (Post Closing Balance). Dec 31,2016 14,500 1,000 2,000 3,500 5,000 50,000 20,000 286,000 950,000 1,500 3,000 1,500 56,000 2,000 7,500 45,000 90,000 100,000