The Wizards Corner, a company that sells video games and related items, had the following account balances

Question:

The Wizard’s Corner, a company that sells video games and related items, had the following account balances at the end of June 2020:
Cost of goods sold ............................................................ $103,000
Common shares ................................................................ 33,000
Advertising expense ......................................................... 6,000
Equipment ........................................................................ 11,000
Depreciation expense ...................................................... 2,000
Dividends declared ........................................................... 3,000
Accounts payable .............................................................. 11,000
Inventory............................................................................. 28,000
Wages expense .................................................................. 36,000
Sales revenue ...................................................................... 190,000
Accounts receivable ............................................................ 15,000
Rent expense ....................................................................... 12,000
Cash ...................................................................................... 40,000
Prepaid rent ......................................................................... 1,000
Wages payable ..................................................................... 2,000
Retained earnings (as at July 1, 2019) ................................21,000