Adjusted Trial Balance Income Statement Balance Sheet

Debit Credit Debit Credit Debit

Cash 221,180 221,180
Accounts Receivable 428,000 428,000
Merchandise Inventory 413,000 413,000 397,000 397,000
Supplies 14,000 14,000
Prepaid Insurance 46,000 46,000
Land 460,000 460,000
Building 1,750,000 1,750,000
Accum Dep - Building 359,000
Equipment 2,310,000 2,310,000
Accum Dep - Equipment 642,000
Accounts Payable 517,000
Salaries Payable 51,000
Mortgage Payable 2,600,000
Buenaflor, Capital 1,569,000
Buenaflor, Withdrawals 400,000 400,000
Sales 1,332,000 1,332,000
Sales Returns and Allowances 141,000 141,000
Sales Discounts 11,840 11,840
Purchases 668,000 668,000
Purchase Returns 25,000 25,000
Purchase Discount 7,020 7,020
Transportation in 13,000 13,000
Salaries Expense 102,000 102,000
Supplies Expense 58,000 58,000
Insurance Expense 2,000 2,000
Depreciation Exp - Building 9,000 9,000
Depreciation Exp - Equipment 12,000 12,000
Transportation out 4,000 4,000
Advertising Expense 6,000 6,000
Interest Expense 26,000 26,000
Misc Expense 7,000 7,000
7,102,020 7,102,020 1,472,840 1,761,020 6,026,180
288,180
1,761,020 1,761,020 6,026,180
 Closing Entries Post Closing
Credit Debit Credit Debit Credit
221,180
428,000
397,000 413,000 397,000
14,000
46,000
460,000
1,750,000
359,000 359,000
2,310,000
642,000 642,000
517,000 517,000
51,000 51,000
2,600,000 2,600,000
1,569,000 400,000 288,180 1,457,180
400,000
1,332,000
141,000
11,840
668,000
25,000
7,020
13,000
102,000
58,000
2,000
9,000
12,000
4,000
6,000
26,000
7,000
5,738,000 2,161,020 2,161,020 5,626,180 5,626,180
288,180 -
6,026,180