Debit Credit
Merchandise Inventory $31,000.00
Other (noninventory) assets $120,400.00
Total liabilities $35,000.00
N. Kidman, Capital $101,650.00
N. Kidman, Withdrawals $8,000.00
Sales $212,000.00
Sales discounts $3,250.00
Sales returns and allowances $14,000.00
Cost of goods sold $82,600.00
Sales salaries expense $29,000.00
Rent expense-Selling space $10,000.00
Store supplies expense $2,500.00
Advertising expense $18,000.00
Office salaries expense $26,500.00
Rent expense-Office space $2,600.00
Office supplies expense $800.00
Totals $348,650.00 $348,650.00
1.
Net Sales
Sales $212,000.00
Less: Sales discounts $3,250.00
Sales returns and allowance $14,000.00 $17,250.00
Net Sales $194,750.00
