Table 5-10
the December 31, 2019 Adjusted Trial Balance for Camptown

question 123

Essay

Table 5-10
The December 31, 2019 adjusted trial balance for Camptown Company is shown below. $$\begin{array} { | l | r | r | } \hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 12,600 & \\\hline \text { Accounts receivable } & 2,400 & \\\hline \text { Prepaid rent } & 800 & \\\hline \text { Inventory } & 28,000 & \\\hline \text { Accounts payable } & & \$ 4,200 \\\hline \text { Salary payable } & & 1,000 \\\hline \text { Notes payable } & & 800 \\\hline \text { Capital } & & 13,800 \\\hline \text { Drawing } & 1,000 & \\\hline \text { Sales revenue } & & 96,000 \\\hline \text { Sales returns and allowances } & 1,600 & \\\hline \text { Sales discounts } & 400 & \\\hline \text { Cost of goods sold } & 25,000 & \\\hline \text { Salary expense } & 21,000 & \\\hline \text { Rent expense } & 22,500 & \\\hline \text { Supplies expense } & 500 & \\\hline \text { Total } & \$ 115,800 & \$ 115,800 \\\hline & & \\\hline\end{array}$$
-Using the information from Table 5-10 prepare an income statement in single-step format and the closing entries for Camptown Company.

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