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 in3 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 MerchandiseInventory, 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
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 in3 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 MerchandiseInventory, 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Cost of sale
![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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