An Adjusted Trial Balance for a Merchandiser Is Given Below

question 50

Essay

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

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Global Warming

The long-term rise in Earth's average temperature, largely attributed to the increased levels of atmospheric carbon dioxide produced by the use of fossil fuels.

Short-termism

Emphasizing immediate outcomes over strategies that ensure long-term success.

Quarterly Earnings

Financial reports released by companies every three months, detailing earnings, expenses, and net profit during that period.

Energy Consumption

The total amount of energy used by individuals, organizations, or countries, often measured in joules, kilowatt-hours, etc.