187. Following is the year-end adjusted trial balance for Fred’s Corner Grocery, Inc. for the current year: Fred’s Corner Grocery, Inc. Adjusted Trial Balance December 31 Dr. Cr. Cash…………………………………………………….. $ 67,500 Accounts receivable…………………………………… 46,000 Merchandise inventory………………………………… 60,000 Storesupplies…………………………………………. 800 Accounts payable……………………………………… 16,000 Salaries payable……………………………………….. 850 Common stock Retained earnings…………………………………….. 1,000 124,630 Dividends……………… 45,000 Sales…………………………………………………….. 550,000 Sales returns & allowances…………………………… 4,500 Sales discounts………………………………………… 4,250 Cost of goods sold..……………………………………. 382,450 Sales salaries expense………………………………… 44,000 Advertising expense……………………………………. 8,150 Storesalaries expense………………………………... 24,325 Storesupplies expense……………………………….. 450 Interest expense………………………………………... 5,055 Totals…………………………………………………….. $692,480 $692,480 Prepare the closing entries at December 31 for the current year.

187. Following is the year-end adjusted trial balance for Fred’s Corner Grocery, Inc. for the current year: Fred’s Corner Grocery, Inc. Adjusted Trial Balance December 31 ...

187. Following is the year-end adjusted trial balance for Fred’s Corner Grocery, Inc. for the current year:

		Fred’s Corner Grocery, Inc. Adjusted Trial Balance December 31
			Dr.	Cr.
Cash……………………………………………………..	$ 67,500
Accounts receivable……………………………………	46,000
Merchandise inventory…………………………………	60,000
Storesupplies………………………………………….	800
Accounts payable………………………………………		16,000
Salaries payable………………………………………..		850
Common stock Retained earnings……………………………………..		1,000 124,630
Dividends………………	45,000
Sales……………………………………………………..		550,000
Sales returns & allowances……………………………	4,500
Sales discounts…………………………………………	4,250
Cost of goods sold..…………………………………….	382,450
Sales salaries expense…………………………………	44,000
Advertising expense…………………………………….	8,150
Storesalaries expense………………………………...	24,325
Storesupplies expense………………………………..	450
Interest expense………………………………………...	5,055
Totals……………………………………………………..	$692,480	$692,480

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

May 15, 2022