Account Titles Debit Cash
Cash $42,000.00
Accounts Receivable $18,000.00
Inventory $65,000.00
Property and Equipment $50,000.00
Accumulated Depreciation $21,000.00
Liabilities $30,000.00
Contributed Capital $90,000.00
Retained Earnings, January 1, 2006 $11,600.00
Sales Revenue $182,000.00
Sales Returns and Allowances $7,000.00
Sales Disconunts $8,000.00
Cost of Goods Sold $98,000.00
Selling Expense $17,000.00
Administrative Expense $18,000.00
General Expense $2,000.00
Income Tax Expense $9,600.00
Totals $334,600.00 $334,600.00