Presented below is the December 31 trial balance of New York Boutique. NEW YORK BOUTIQUE TRIAL BALANCE DECEMBER 31 Debit Credit Cash $18,290 Accounts Receivable 40,800 Allowance for Doubtful Accounts $740 Inventory, December 31 83,150 Prepaid Insurance 6,920 Equipment 91,000 Accumulated Depreciation—Equipment 32,950 Notes Payable 28,710 Common Stock 82,710 Retained Earnings 10,870 Sales Revenue 645,350 Cost of Goods Sold 422,960 Salaries and Wages Expense (sales) 51,900 Advertising Expense 6,900 Salaries and Wages Expense (administrative) 73,110 Supplies Expense 6,300 $801,330 $801,330 Construct T-accounts and enter the balances shown. Cash Bal. Bal. Inventory Bal. Bal. Prepaid Insurance Bal. Bal. Common Stock Bal. Bal. Salaries and Wages Expense Bal. Bal. Retained Earnings Bal. Bal. Accounts Receivable Bal. Bal. Equipment Bal. Bal. Notes Payable Bal. Bal. Sales Revenue Bal. Bal. Advertising Expense Bal. Bal. Supplies Expense Bal. Bal. Cost of Goods Sold Bal. Bal. Allow. for Doubtful Accts. Bal. Bal. Accum. Depr.—Equipment Bal. Bal.
Presented below is the December 31 trial balance of New York Boutique. NEW YORK BOUTIQUE TRIAL BALANCE DECEMBER 31 Debit Credit Cash $18,290 Accounts Receivable 40,800 Allowance for Doubtful Accounts $740 Inventory, December 31 83,150 Prepaid Insurance 6,920 Equipment 91,000 Accumulated Depreciation—Equipment 32,950 Notes Payable 28,710 Common Stock 82,710 Retained Earnings 10,870 Sales Revenue 645,350 Cost of Goods Sold 422,960 Salaries and Wages Expense (sales) 51,900 Advertising Expense 6,900 Salaries and Wages Expense (administrative) 73,110 Supplies Expense 6,300 $801,330 $801,330 Construct T-accounts and enter the balances shown. Cash Bal. Bal. Inventory Bal. Bal. Prepaid Insurance Bal. Bal. Common Stock Bal. Bal. Salaries and Wages Expense Bal. Bal. Retained Earnings Bal. Bal. Accounts Receivable Bal. Bal. Equipment Bal. Bal. Notes Payable Bal. Bal. Sales Revenue Bal. Bal. Advertising Expense Bal. Bal. Supplies Expense Bal. Bal. Cost of Goods Sold Bal. Bal. Allow. for Doubtful Accts. Bal. Bal. Accum. Depr.—Equipment Bal. Bal.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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