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zes) PART 11: Problem 1 (25 points) Dr. Cash.. ..$ 67,500 Accounts receivable... 46,000 Allowance for Doubtful Accounts.... 2,000 Merchandise Inventory...... 60,000 Office Supplies........... 2,800 Accounts Payable. 16,000 Salaries Payable.... 850 Common Stock 20,000 Retained Earnings 60, 630 Sales. 550,000 Sales returns & allowance. 4,500 Sales discounts. 4,250 Cost of goods sold.. 382,450 Salaries expense 44,000 Advertising Expense.. 8,150 Rent Expense...... 24,325 Other operating expense. 450 Interest expense.. 5,055 0 TOTALS $649,480 $649, 480 Requirement: Using the Adjusted Trial Balance above answer the following questions (25 points): 1. What is the amount of net sales? 2 points Jerry's Convenience Store Adjusted Trial Balance December 31, 2022 Cr Focus es Mailings Review View Table Design Layout Tell me Interest expense. 5.055 0 TOTALS $649,480 $649, 480 Requirement: Using the Adjusted Trial Balance above answer the following questions (25 points): 1. What is the amount of net sales? 2 points 2. What is the amount of total assets? 2 points 3. What is the amount of total liabilities? 2 points 4. What is the amount of net assets? 2 points 5. What is the amount of Retained Earnings after the closing entries have been posted? 3 pts 6. What is the amount of gross profit? 2 points 7. What is the amount of total expenses? 2 points 7 8. Record the closing entries in the table below. 10 points Date: Account Debit + Credit - Focus