An adjusted trial balance for a merchandiser is given below.

 Give journal entry to close the expense accounts and contra revenue accounts with a debit balance.

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Debit Credit Cash Accounts Receivable $12,600 2,400 Prepaid Rent Merchandise Inventory Accounts Payable Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Selling Expense Supplies Expense Total 800 30,000 $4,200 1,000 800 10,000 3,800 1,000 96,000 1,600 400 23,000 21,000 14,000 8,500 500 $115,800 $115,800 Debit Credit Cash Accounts Receivable $12,600 2,400 Prepaid Rent Merchandise Inventory Accounts Payable Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Selling Expense Supplies Expense Total 800 30,000 $4,200 1,000 800 10,000 3,800 1,000 96,000 1,600 400 23,000 21,000 14,000 8,500 500 $115,800 $115,800

Answer rating: 100% (QA)

Solution To find the ending capital balance we will use the following ... View the full answer