An Adjusted Trial Balance for a Merchandiser Is Given Below

question 135

Essay

An adjusted trial balance for a merchandiser is given below.
$$\begin{array} { | l | r | r | } \hline & { \text { Debit } } &{ \text { Credit } } \\\hline \text { Cash } & \$ 12,600 & \\\hline \text { Accounts Receivable } & 2,400 & \\\hline \text { Prepaid Rent } &800& \\\hline \text { Merchandise Inventory } &30,000 & \\\hline \text { Accounts Payable } & &\$ 4,200 \\\hline \text { Salaries Payable } & &1,000 \\\hline \text { Notes Payable } & & 800 \\\hline \text { Brown, Capital } &&13,800 \\\hline \text { Brown, Withdrawals } & 1,000& \\\hline \text { Sales Revenue } & &96,000 \\\hline \text { Sales Discounts Forfeited } && 400 \\\hline \text { Cost of Goods Sold } & 23,000 & \\\hline \text { Insurance Expense } & 2,400& \\\hline \text { Salaries Expense } & 21,000& \\\hline \text { Rent Expense } & 14,000 & \\\hline \text { Selling Expense } &8,500 & \\\hline \text { Supplies Expense } &\underline { 500 } \\\hline \text { Total }& \$ 116,200 & \$ 116,200\\\hline\end{array}$$ Prepare the journal entry to close the expense accounts.Omit explanation.

---

Definitions:

Facts

Objective and verifiable observations or statements about the world, not influenced by feelings or opinions.

Opinions

Personal beliefs or judgments that are not necessarily based on fact or knowledge.

Thick Description

The presentation of detailed data on interactions and meaning within a cultural context, from the perspective of its members.

Field Notes

Observational data recorded by researchers during or after their fieldwork, documenting their observations and experiences.