Posted: August 23rd, 2016

What is the summarized account name?

Extreme Adventures has the following account balances on July 31, 2010:
Accounts Payable……………………………………………………..$10,800
Accounts Receivable………………………………………………….11,600
Accumulated Amortization-Furniture……………………….32,300
Cash…………………………………………………………………………….4,200
Cost of Goods Sold……………………………………………………343,500
E.Buono, Capital……………………………………………………….201,000
E.Buono, Withdrawals……………………………………………….46,000
Equipment………………………………………………………………….90,000
Interest Earned…………………………………………………………….2,000
Inventory……………………………………………………………………71,500
Operating Expenses………………………………………………….177,500
Sales Discounts……………………………………………………………..5,150
Sales Returns and Allowances…………………………………….16,450
Sales Revenue……………………………………………………………522,600
Supplies…………………………………………………………………………7,300
Unearned Sales Revenue…………………………………………………4,500
Note: For simplicity, all operating expenses have been summarized in the account Operating Expenses.
Additional data at July 31,2010: