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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

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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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
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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