URGENT HELP PLEASE

PART 11: Problem 1 (25 points)

Jerrys Convenience Store

Adjusted Trial Balance

December 31, 2022

Dr Cr

Cash$ 67,500

Accounts receivable 46,000

Allowance for Doubtful Accounts 2,000

Merchandise Inventory 60,000

Office Supplies 2, 800

Accounts Payable 16,000

Salaries Payable.. 850

Common Stock .. 20,000

Retained Earnings . 60, 630

Sales 550,000

Sales returns & allowance.. 4,500

Sales discounts. 4,250

Cost of goods sold. 382,450

Salaries expense 44,000

Advertising Expense 8,150

Rent Expense 24,325

Other operating expense.. 450

Interest expense. 5,055 0

TOTALS $649,480 $649, 480

Requirement: Using the Adjusted Trial Balance above answer the following questions (25 points):

1. What is the amount of net sales? 2 points

2. What is the amount of total assets? 2 points

3. What is the amount of total liabilities? 2 points

4. What is the amount of net assets? 2 points

5. What is the amount of Retained Earnings after the closing entries have been posted? 3 pts

6. What is the amount of gross profit? 2 points

7. What is the amount of total expenses? 2 points

8. Record the closing entries in the table below. 10 points

Date	Account	Debit	Credit