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.

---

Definitions:

Variance

A statistical measurement of the spread between numbers in a data set, indicating how far each number in the set is from the mean.

Covariance

A measure that indicates the extent to which two variables change together, indicating the direction of their linear relationship.

Linear Relationship

A type of relationship between two variables where a change in one variable is associated with a proportional change in the other.

COV

COV refers to the coefficient of variation, a statistical measure of the relative dispersion or variability of a data set relative to its mean, expressed as a percentage.