Problem 3-10 Presented below is the December 31 trial balance of New York Boutique. NEW YORK BOUTIQUE TRIAL BALANCE DECEMBER 31 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory, December 31 Prepaid Insurance Equipment Accumulated Depreciation -Equipment Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense (sales) Advertising Expense Salaries and Wages Expense (administrative) Supplies Expense question 1: post to the T accounts question 2: post closing entries Debit $18,500 32,000 80,000 5,100 84,000 408,000 50,000 6,700 65,000 5,000 $754,300 Credit $700 35,000 28,000 80,600 10,000 600,000 $754,300
Problem 3-10 Presented below is the December 31 trial balance of New York Boutique. NEW YORK BOUTIQUE TRIAL BALANCE DECEMBER 31 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory, December 31 Prepaid Insurance Equipment Accumulated Depreciation -Equipment Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense (sales) Advertising Expense Salaries and Wages Expense (administrative) Supplies Expense question 1: post to the T accounts question 2: post closing entries Debit $18,500 32,000 80,000 5,100 84,000 408,000 50,000 6,700 65,000 5,000 $754,300 Credit $700 35,000 28,000 80,600 10,000 600,000 $754,300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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M2.

Transcribed Image Text:Problem 3-10
Presented below is the December 31 trial balance of New York Boutique.
NEW YORK BOUTIQUE
TRIAL BALANCE
DECEMBER 31
Cash
Accounts Receivable
Allowance for Doubtful
Accounts
Inventory, December 31
Prepaid Insurance
Equipment
Accumulated Depreciation
-Equipment
Notes Payable
Common Stock
Retained Earnings
Sales Revenue
Cost of Goods Sold
Salaries and Wages
Expense (sales)
Advertising Expense
Salaries and Wages
Expense (administrative)
Supplies Expense
question 1: post to the T accounts
question 2: post closing entries
Debit
$18,500
32,000
80,000
5,100
84,000
408,000
50,000
6,700
65,000
5,000
$754,300
Credit
$700
35,000
28,000
80,600
10,000
600,000
$754,300
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