LENARD ENTERPRISE Trail Balance As of December 31, 2020 Account Debit Credit (P) Credit (P) Sales 285, 850.00 Sales Return and Allowances 3,586.00 Sales Discounts 2,500.00 Notes Payable (due in 3 years) 87,900.00 Merchandise Inventory, January 1 175,000.00 Purchases 80,250.00 Account Payable Freight-in Purchase Discount 25,930.00 2,500.00 2,875.00 Purchase Return and Allowances 3,000,00 Rent 22,875.00 Merchandise Inventory, Dec. 31 61,234.00 Commission Expense 12,500.00 Salaries 28,000.00 Utilities 2,850.00 Gas and Oil 650.00 Repair and Maintenance 6,585.00 I 1,475.00 Interest Income Interest Expense Taxes and Licenses 5,000.00 3,500.00 Total 407,030.00 407,030.00 I| a51642.roc2.blindsidenetworks.com is sharing your screen. Stop sharing Hide
LENARD ENTERPRISE Trail Balance As of December 31, 2020 Account Debit Credit (P) Credit (P) Sales 285, 850.00 Sales Return and Allowances 3,586.00 Sales Discounts 2,500.00 Notes Payable (due in 3 years) 87,900.00 Merchandise Inventory, January 1 175,000.00 Purchases 80,250.00 Account Payable Freight-in Purchase Discount 25,930.00 2,500.00 2,875.00 Purchase Return and Allowances 3,000,00 Rent 22,875.00 Merchandise Inventory, Dec. 31 61,234.00 Commission Expense 12,500.00 Salaries 28,000.00 Utilities 2,850.00 Gas and Oil 650.00 Repair and Maintenance 6,585.00 I 1,475.00 Interest Income Interest Expense Taxes and Licenses 5,000.00 3,500.00 Total 407,030.00 407,030.00 I| a51642.roc2.blindsidenetworks.com is sharing your screen. Stop sharing Hide
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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Comprehendive income statement
![LENARD ENTERPRISE
Trail Balance
As of December 31, 2020
Account
Debit Credit (P)
Credit (P)
Sales
285,850.00
Sales Return and Allowances
3,586.00
Sales Discounts
2,500.00
Notes Payable (due in 3 years)
87,900.00
Merchandise Inventory, January 1
175,000.00
Purchases
80, 250.00
Account Payable
Freight-in
Purchase Discount
25,930.00
2,500.00
2,875.00
3,000.00
Purchase Return and Allowances
Rent
22,875.00
Merchandise Inventory, Dec. 31
61,234.00
Commission Expense
12,500.00
Salaries
28,000.00
Utilities
2,850.00
Gas and Oil
650.00
Repair and Maintenance
6,585.00
I
1,475.00
Interest Income
5,000.00
Interest Expense
Taxes and Licenses
3,500.00
Total
407,030.00
407,030.00
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Transcribed Image Text:LENARD ENTERPRISE
Trail Balance
As of December 31, 2020
Account
Debit Credit (P)
Credit (P)
Sales
285,850.00
Sales Return and Allowances
3,586.00
Sales Discounts
2,500.00
Notes Payable (due in 3 years)
87,900.00
Merchandise Inventory, January 1
175,000.00
Purchases
80, 250.00
Account Payable
Freight-in
Purchase Discount
25,930.00
2,500.00
2,875.00
3,000.00
Purchase Return and Allowances
Rent
22,875.00
Merchandise Inventory, Dec. 31
61,234.00
Commission Expense
12,500.00
Salaries
28,000.00
Utilities
2,850.00
Gas and Oil
650.00
Repair and Maintenance
6,585.00
I
1,475.00
Interest Income
5,000.00
Interest Expense
Taxes and Licenses
3,500.00
Total
407,030.00
407,030.00
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