One Product Corporation was formed at the beginning of the last year.The balance on its post closing trial balance prepared on December 31st,at the end of first year of operations, were as follows:-

One Product Corporation was formed at the beginning of the last year.The balance on its post closing trial balance prepared

on December 31st,at the end of first year of operations,were as follows:-

S.No. Account Title Debit Credit

1 Cash $19,500.00

2 Accounts Receivable $8,250.00

3 Allowance for doubtful accounts $885.00

4 Inventory $12,060.00

5 Prepaid Rent $1,600.00

6 Equipment $25,000.00

7 Accumulated Depreciation $2,400.00

8 Accounts Payable $-

9 Sales Tax Payable $500.00

10 FICA Payable $600.00

11 Withheld income tax payable $500.00

12 Salaries and Wages Payable $1,600.00

13 Unemployment tax payable $300.00

14 Deferred Revenue $4,500.00

15 Interest Payable $495.00

16 Notes Payable(long Term) $22,000.00

17 Common Stock $13,300.00

18 Additional paid in capital, common $19,210.00

19 Retained Earnings $4,120.00

20 Treasury Stock $4,000.00

Total $70,410.00 $70,410.00