Prepare a postclosing trial balance tor the firm on december

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Reference no: EM132482455

The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional Investments during the year.

Accounts

Cash

Accounts Receivable

Debit

$             19,000

60,200

Credit

Allowance for Doubtful Accounts

 

S          160

Merchandise Inventory

186,600

 

Supplies

7,180

 

Prepaid Insurance

3,100

 

Equipment

51,400

 

Accumulated Depreciation-Equipment

 

18,200

Accounts Payable

 

9,100

Social Security Tax Payable

 

1,430

Medicare Tax Payable

 

350

Steven Van Zant, Capital

 

279,120

Steven Van Zant, Drawing

74,400

 

Income Summary

180,400

186,600

Sales

 

775,000

Sales Returns and Allowances

14,800

 

Purchases

487,300

 

Freight In

5,800

 

Purchases Returns and Allowances

 

8,900

Purchases Discounts

 

5,700

Rent Expense

34,200

 

Telephone Expense

6,280

 

Salaries Expense

123,540

 

Payroll Taxes Expense

12,100

 

Supplies Expense

7,000

 

Insurance Expense

1,600

 

Depreciation Expense-Equipment

8,500

 

Uncollectible Accounts Expense

1,160

 

Totals

$1,284,560

$1,284,560

Question 1: Prepare a postclosing trial balance tor the firm on December 31. 2019.

Reference no: EM132482455

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