The Year-End Adjusted Trial Balance of Gordon Produce for the Current

Essay

The year-end adjusted trial balance of Gordon Produce for the current year, is shown below:
GORDON PRODUCE
Adjusted Trial Balance December 31
$$\begin{array} { r | r | r } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 1,500 & \\\hline \text { Store supplies } & 500 & \\\hline \text { Store equipment } & 18,000 & \\\hline \text { Merchandise inventory } & 11,000 & \\\hline & & \$ 3,000 \\\hline \text { Accum. depr.-store equipment } & & 6,000 \\\hline \text { Accounts payable } & & 50,000 \\\hline \text { J. Gordon, Capital } & & \\\hline \text { J. Gordon, Withdrawals } & 22,000 & \\\hline \text { Sales } & & 60,500 \\\hline \text { Cost of goods sold } & 48,000 & \\\hline \text { Depreciation expense -Store equipment } & 1,000 & \\\hline \text { Store supplies expense } & 1,500 & \\\hline \text { Salariss expense } & 14,000 &\end{array}$$
$$\begin{array} { r | r | r } \hline \text { Salaries expense } & 14,000 & \\\hline \text { Rent expense } & 2,000 & \\\hline & \$ 119,500 & \$ 119,500 \\\hline\end{array}$$ Prepare closing entries at December 31 for the current year.