Question

The December 31, 2019 adjusted trial balance for Camptown Company is shown below. Debit Credit Cash...

The December 31, 2019 adjusted trial balance for Camptown Company is shown below.



Debit

Credit

Cash

$12,600


Accounts receivable

2,400


Prepaid rent

800


Inventory

28,000


Accounts payable


$4,200

Salary payable


1,000

Notes payable


800

Capital


13,800

Drawing

1,000


Sales revenue


96,000

Sales returns and allowances

1,600


Sales discounts

400


Cost of goods sold

25,000


Salary expense

21,000


Rent expense

22,500


Supplies expense

500


Total

$115,800

$115,800





Using the information above prepare an income statement in single-step format and the closing entries for Camptown Company.
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