An Adjusted Trial Balance for a Merchandiser Is Given Below

question 266

Essay

An adjusted trial balance for a merchandiser is given below.
$\begin{array}{|l|c|c|}\hline&\text { Debit } & \text { Credit }\\ \hline \text { Cash. } & \$ 12,600 & \\\hline \text { Accounts Receivable } & 2,400 & \\\hline \text { Prepaid Rent } & 800 & \\\hline \text { Merchandise Inventory } & 30,000 & \\\hline \text { Accounts Payable } & & \$ 4,20 \\\hline \text { Salaries Payable } & & 1,000 \\\hline \text { Notes Payable } & & 800 \\\hline \text { Common Stock } & & 10,000 \\\hline \text { Retained Earnings } & & 3,800 \\\hline \text { Dividends } & 1,000 & \\\hline \text { Sales Revenue } & & 96,000 \\\hline \text { Sales Discounts Forfeited } & & 400 \\\hline \text { Cost of Goods Sold } & 23,000 & \\\hline \text { Insurance Expense } & 2,400 & \\\hline \text { Salaries Expense } & 21,000 & \\\hline \text { Rent Expense } & 14,000 & \\\hline \text { Selling Expense } & 8,500 & \\\hline \text { Supplies Expense } & 500 & \\\hline \text { Total } & \$ 116,200 & 1116,20 \\\hline\end{array}$ Provide journal entries to close the Income Summary account and the Dividends account. Omit explanations.

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Definitions:

Open Water

Large bodies of water such as oceans, seas, and large lakes, where there is no nearby land within sight.

Gametes

Mature haploid sex cells, such as sperm and eggs, that unite to form a diploid zygote during sexual reproduction.

Reproductive Isolation

The end of gene flow between populations; part of speciation.

Pollinators

Animals that facilitate the transfer of pollen from the male structures of a flower to the female structures, enabling fertilization.