An Adjusted Trial Balance for a Merchandiser Is Given Below

question 9

Essay

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

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Definitions:

National Government

The national government refers to the government of a whole nation, as opposed to subnational or local governments, and is responsible for the governance of a country.

Direct Election

A voting system where the public votes directly for representatives or leaders rather than through an intermediary, like an electoral college.

Collecting Taxes

The process by which a government or authority gathers monetary contributions from citizens and businesses to fund public services and infrastructure.

Popular Majority

The majority of total votes cast by the public in an election, as opposed to a majority of elected representatives or electoral votes.