An adjusted trial balance for a merchandiser is given below.
Cash Accounts Receivable Prepaid Rent Merchandise Inventory Accounts Payable Salaries Payable Notes Payable Black, Capital Black, Withdrawals Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Insurance Expense Salaries Expense Rent Expense Selling Expense Supplies Expense Total Debit $12,6002,40080030,0001,00023,0002,40021,00014,0008,500500$116,200 Credit $4,2001,00080013,80096,000400$116,200 Provide journal entries to close the Income Summary account and the Black,Withdrawals account.Omit explanations.
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