You are to work in this assignment individually . Any suspicious activities or cheating will result

 
   

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You are to work in this assignment individually. Any suspicious activities or cheating will result in grade of zero in this assignment.

Instructions:Answer the following questions:

1. Following is the year-end adjusted trial balance for Yakima's Sporting Goods for the current year: YakimaAc€?cs Sporting Goods

Adjusted Trial Balance

December 31

Dr

Cr

Cash

$ 67,400

Accounts receivable

46,000

Merchandise inventory

50,000

Office supplies

800

Accounts payable

16,000

Salaries payable

850

Common stock

50,000

Retained earnings

75,530

Dividends

5,000

Sales

500,000

Sales returns & allowances

4,500

Sales discounts

4,250

Cost of goods sold

382,450

Sales salaries expense

44,000

Advertising expense

8,150

Office salaries expense

24,325

Office supplies expense

450

Interest expense

5,055

Totals

$642,380

$642,380

:

Prepare the closing entries at December 31 for the current year.