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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 I| a51642.roc2.blindsidenetworks.com is sharing your screen. Stop sharing Hide Comments
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 I| a51642.roc2.blindsidenetworks.com is sharing your screen. Stop sharing Hide Comments
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