An Adjusted Trial Balance for a Merchandiser Is Given Below

question 146

Essay

An adjusted trial balance for a merchandiser is given below.
$\begin{array}{|l|c|l|}\hline&\text { Debit } & \text { Credit }\\ \hline\text { Cash } & \$ 12,600 \\\hline \text { Accounts Receivable } & 2,400 \\\hline \text { Prepaid Rent } & 800 \\\hline \text { Merchandise Inventory } & 30,000\\\hline \text { Accounts Payable } & & \$ 4,200 \\\hline \text { Salaries Payable } & & 1,000 \\\hline \text { Notes Payable } & & 800\\\hline \text { Common Stock } & & 10,000 \\\hline \text { Retained Earnings } & & 3,800 \\\hline \text { Dividends } & 1,000 & \\\hline \text { Sales Revenue } & & 96,000 \\\hline \begin{array}{l}\text { Sales Returns and } \\\text { Allowances }\end{array} & 1,600 &\\\hline \text { Sales Discounts } & 400 \\\hline \text { Cost of Goods Sold } & 23,000 \\\hline \text { Salaries Expense } & 21,000 \\\hline \text { Rent Expense } & 14,000 \\\hline \text { Selling Expense } & 8,500 \\\hline \text { Supplies Expense } & 500 \\\hline\text { Total }&\$115,800&\$115,800\\\hline\end{array}$
- Give the journal entry to close the Sales Revenue account.

Understand the role of change and change agents in organizational effectiveness.

Recognize the importance of effectively responding to and mediating conflicts as a supervisor.

Understand the concept of compromise and its role in conflict resolution.

Distinguish between different conflict management strategies and their appropriateness in various situations.

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Definitions:

Misspelled

Incorrect spelling of a word.

Indorsement

The act of signing one's name on the back of a cheque or negotiable instrument, thereby transferring its ownership or altering its terms.

Negotiating the Instrument

Refers to the process of bargaining or discussing the terms of a financial document, such as a check or a bill of exchange, to reach an agreement.

Restricting Payment

Implies conditions or limitations placed on the distribution or release of funds.