Presented below is the December 31 trial balance of Metlock Boutique. METLOCK BOUTIQUETRIAL BALANCEDECEMBER 31 Debit Credit Cash $25,800 Accounts Receivable 32,700 Allowance for Doubtful Accounts $747 Inventory, December 31 83,530 Prepaid Insurance 6,660 Equipment 98,000 Accumulated Depreciation—Equipment 38,000 Notes Payable 28,790 Common Stock 76,402 Retained Earnings 9,760 Sales Revenue 730,451 Cost of Goods Sold 492,200 Salaries and Wages Expense (sales) 62,400 Advertising Expense 7,670 Salaries and Wages Expense (administrative) 69,810 Supplies Expense 5,380 $884,150 $884,150 (a) (a) Correct answer iconYour answer is correct. Construct T-accounts and enter the balances shown.
Presented below is the December 31 trial balance of Metlock Boutique. METLOCK BOUTIQUETRIAL BALANCEDECEMBER 31 Debit Credit Cash $25,800 Accounts Receivable 32,700 Allowance for Doubtful Accounts $747 Inventory, December 31 83,530 Prepaid Insurance 6,660 Equipment 98,000 Accumulated Depreciation—Equipment 38,000 Notes Payable 28,790 Common Stock 76,402 Retained Earnings 9,760 Sales Revenue 730,451 Cost of Goods Sold 492,200 Salaries and Wages Expense (sales) 62,400 Advertising Expense 7,670 Salaries and Wages Expense (administrative) 69,810 Supplies Expense 5,380 $884,150 $884,150 (a) (a) Correct answer iconYour answer is correct. Construct T-accounts and enter the balances shown.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Presented below is the December 31 trial balance of Metlock Boutique.
|
METLOCK BOUTIQUE
TRIAL BALANCE DECEMBER 31 |
||||
|
Debit
|
Credit
|
|||
| Cash | $25,800 | |||
| 32,700 | ||||
| Allowance for Doubtful Accounts | $747 | |||
| Inventory, December 31 | 83,530 | |||
| Prepaid Insurance | 6,660 | |||
| Equipment | 98,000 | |||
| 38,000 | ||||
| Notes Payable | 28,790 | |||
| Common Stock | 76,402 | |||
| 9,760 | ||||
| Sales Revenue | 730,451 | |||
| Cost of Goods Sold | 492,200 | |||
| Salaries and Wages Expense (sales) | 62,400 | |||
| Advertising Expense | 7,670 | |||
| Salaries and Wages Expense (administrative) | 69,810 | |||
| Supplies Expense | 5,380 | |||
|
$884,150
|
$884,150
|
(a)
(a)
Correct answer iconYour answer is correct.
Construct T-accounts and enter the balances shown.
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