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.

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