Solution-Prepare a postclosing trial balance for the firm

Prepare a postclosing trial balance for the firm on December

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Reference no: EM132447649

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

Accounts	Debit	Credit
Cash	$19,000
Accounts Receivable	60,200
Allowance for Doubtful Accounts		$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
Uhcollectible Accounts Expense	1,160
Totals	$1,284,560	$1,284,560

Required - Prepare a postclosing trial balance for the firm on December 31, 2019.

Reference no: EM132447649

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Prepare a postclosing trial balance for the firm on December

Reference no: EM132447649

Reference no: EM132447649

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