Question & Answer: elected Balances…..

Balances	Selected Balances
Acct No.	Description	12/31/2015	12/31/2014
1100	Cash	84,500	73,050
1120	Accounts Receivable	247,450	253,975
1150	Merchandise Inventory	550,000	383,475
1160	Prepaid Insurance	4,800	2,400
1170	Store Supplies	4,000	750
1230	Store Equipment	569,500
1240	Accumulated Depreciation—Store Equipment	70,700	56,700
2100	Accounts Payable	209,000	198,525
2110	Salaries Payable	47,750	42,625
	Long Term Notes	300,000	300,000
3100	Common Stock (10,000 shares issued, $25 Par)	250,000	250,000
3110	Capital in Excess of Par Value	100,000	100,000
3120	Dividends Paid	100,000
3200	Retained Earnings	335,300	335,300
4100	Sales	5,032,350	4,225,135
4110	Sales Returns and Allowances	113,700	15,955
4120	Sales Discounts	61,600	35,455
5100	Cost of Merchandise Sold	3,012,150	2,300,422
5200	Sales Salaries Expense	727,800
5210	Advertising Expense	292,000
5220	Depreciation Expense	14,000
5230	Store Supplies Expense	9,800
5290	Miscellaneous Selling Expense	12,600
5300	Office Salaries Expense	417,700
5310	Rent Expense	88,700
5320	Insurance Expense	12,000
5390	Miscellaneous Administrative Expense	7,800
5650	Interest Expense	15,000

	Total Assets at 12/31/2014		1,125,138