Problem 3-10

Presented below is the December 31 trial balance of New York Boutique.

NEW YORK BOUTIQUE TRIAL BALANCE DECEMBER 31
		Debit		Credit
Cash		$18,500
Accounts Receivable		32,000
Allowance for Doubtful Accounts				$700
Inventory, December 31		80,000
Prepaid Insurance		5,100
Equipment		84,000
Accumulated DepreciationEquipment				35,000
Notes Payable				28,000
Common Stock				80,600
Retained Earnings				10,000
Sales Revenue				600,000
Cost of Goods Sold		408,000
Salaries and Wages Expense (sales)		50,000
Advertising Expense		6,700
Salaries and Wages Expense (administrative)		65,000
Supplies Expense		5,000
		$754,300		$754,300

question 1: post to the T accounts

question 2: post closing entries