Ayayai Athletic Wear Inc.'s adjusted trial balance amounts (with the exclusion of the adjusting entry to...

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Ayayai Athletic Wear Inc.'s adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost of Goods Sold accounts) appear in alphabetical order as follows on December 31, 2024, the end of its fiscal year: Accounts payable $147,900 Inventory, Jan. 1 $72,900 Accounts receivable 79,560 Land 135,000 Accumulated depreciation-buildings 93,240 Mortgage payable 225,000 Accumulated depreciation-equipment 77,220 Prepaid insurance 4,320 Administrative expenses 325,620 Property tax payable 8,640 Buildings 342,000 Purchases discounts 40,500 Cash 30,600 Purchase returns and allowances 11,520 Common shares 94,500 Purchases 722,880 Deferred revenue 14,940 Refund liability 7,440 Dividends declared 14,400 Retained earnings 123,480 Equipment 198,000 Salaries payable 6,300 Freight in 10,080 Sales 1,146,600 Income tax expense 28,800 Selling expenses 14,400 Interest expense 18,720 Additional information: 1. Ayayai Athletic Wear uses a periodic inventory system. Returned inventory is not saleable. 2. A physical inventory count determined that Inventory on December 31, 2024, was $130,680. 3. Of the mortgage payable, $22,500 is due in the next year. 4. Common shares were issued during the year for $45,000. Ayayai Athletic Wear Inc.'s adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost of Goods Sold accounts) appear in alphabetical order as follows on December 31, 2024, the end of its fiscal year: Accounts payable $147,900 Inventory, Jan. 1 $72,900 Accounts receivable 79,560 Land 135,000 Accumulated depreciation-buildings 93,240 Mortgage payable 225,000 Accumulated depreciation-equipment 77,220 Prepaid insurance 4,320 Administrative expenses 325,620 Property tax payable 8,640 Buildings 342,000 Purchases discounts 40,500 Cash 30,600 Purchase returns and allowances 11,520 Common shares 94,500 Purchases 722,880 Deferred revenue 14,940 Refund liability 7,440 Dividends declared 14,400 Retained earnings 123,480 Equipment 198,000 Salaries payable 6,300 Freight in 10,080 Sales 1,146,600 Income tax expense 28,800 Selling expenses 14,400 Interest expense 18,720 Additional information: 1. Ayayai Athletic Wear uses a periodic inventory system. Returned inventory is not saleable. 2. A physical inventory count determined that Inventory on December 31, 2024, was $130,680. 3. Of the mortgage payable, $22,500 is due in the next year. 4. Common shares were issued during the year for $45,000.