J J Market accounts for transactions on the cash basis during the year. At year, the CPA has to adjust the books to accrual basis.

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Trial Balance 31-Jul-20 Debit Credit Cash 20,250 5,300 20,000 35,000 Account Receivable, 7/31/19 Inventory, 7/31/19 Equipment Accumulated Depr, 7/31/19 Account Payable, 7/31/19 Payroll Tax Withheld Javelina, Withdrawals Javelina, Capital 7/31/19 9,000 4,800 850 24,000 35,400 187,800 Sales Cost of Goods Sold 82,700 29,500 2,900 Salaries Payroll Taxes Rent 8,400 Miscellaneous Expense 3,900 2,400 3,500 237,850 Insurance Utilities Totals 237,850 Trial Balance 31-Jul-20 Debit Credit Cash 20,250 5,300 20,000 35,000 Account Receivable, 7/31/19 Inventory, 7/31/19 Equipment Accumulated Depr, 7/31/19 Account Payable, 7/31/19 Payroll Tax Withheld Javelina, Withdrawals Javelina, Capital 7/31/19 9,000 4,800 850 24,000 35,400 187,800 Sales Cost of Goods Sold 82,700 29,500 2,900 Salaries Payroll Taxes Rent 8,400 Miscellaneous Expense 3,900 2,400 3,500 237,850 Insurance Utilities Totals 237,850

Answer rating: 100% (QA)

Solution As cost of goods so... View the full answer