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Trial Balance December 31 Debit Credit Cash Accounts receivable Merchandise inventory Prepaid insurance Store equipment $14,000 27,000 15,000 2,500 15,000

Trial Balance December 31 Debit Credit Cash Accounts receivable Merchandise inventory Prepaid insurance Store equipment $14,000 27,000 15,000 2,500 15,000

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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Determine the net sales value?
Trial Balance December 31 Debit Credit Cash Accounts receivable Merchandise inventory Prepaid insurance Store equipment Accumulated depreciation - Store equipment O Office equipment Accumulated depreciation - Office equipment 2 Accounts payable 3 Notes payable - long term 4 Owner, Capital 5 Owner, Withdrawals 6 Sales 7 Sales discounts 8 Sales returns and allowances 19 Cost of goods sold 20 Selling expenses 21 General and administrative expenses 22 Interest expense $14,000 27,000 15,000 2,500 15,000 $3,000 25,000 5,000 9,000 25,000 26,000 3,000 90,000 1,800 2,200 35,000 11,000 6,000 500
Transcribed Image Text:Trial Balance December 31 Debit Credit Cash Accounts receivable Merchandise inventory Prepaid insurance Store equipment Accumulated depreciation - Store equipment O Office equipment Accumulated depreciation - Office equipment 2 Accounts payable 3 Notes payable - long term 4 Owner, Capital 5 Owner, Withdrawals 6 Sales 7 Sales discounts 8 Sales returns and allowances 19 Cost of goods sold 20 Selling expenses 21 General and administrative expenses 22 Interest expense $14,000 27,000 15,000 2,500 15,000 $3,000 25,000 5,000 9,000 25,000 26,000 3,000 90,000 1,800 2,200 35,000 11,000 6,000 500
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