the trial balance of runway fashion center contained the accounts on the next page a 533596
The trial balance of Runway Fashion Center contained the accounts on the next page at November 30, the end of the company”s fiscal year.
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the trial balance of runway fashion center contained the accounts on the next page a 533596
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Debit |
Credit |
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Cash |
$ 37,700 |
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Accounts Receivable |
33,700 |
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Inventory |
43,000 |
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Supplies |
8,800 |
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Equipment |
143,000 |
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Accumulated Depreciation—Equipment |
$ 41,000 |
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Notes Payable |
62,000 |
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Accounts Payable |
17,800 |
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Common Stock |
80,000 |
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Retained Earnings |
30,000 |
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Dividends |
12,000 |
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Sales Revenue |
757,200 |
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Sales Returns and Allowances |
6,200 |
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Cost of Goods Sold |
505,400 |
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Salaries and Wages Expense |
110,000 |
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Advertising Expense |
26,400 |
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Utilities Expense |
14,000 |
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Maintenance and Repairs Expense |
12,100 |
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Freight-out |
11,700 |
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Rent Expense |
24,000 |
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$988,000 |
$988,000 |
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Adjustment data:
1. Store supplies on hand total $3,100.
2. Depreciation is $14,000 on the store equipment and $6,000 on the delivery equipment.
3. Interest of $4,400 is accrued on notes payable at November 30.
4. Income tax due and unpaid at November 30 is $3,000. Other data: $24,000 of notes payable are due for payment next year.
Instructions
(a) Journalize the adjusting entries.
(b) Prepare T accounts for all accounts used in part (a). Enter the trial balance amounts into the T accounts and post the adjusting entries.
(c) Prepare an adjusted trial balance.
(d) Prepare a multiple-step income statement and a retained earnings statement for the year, and a classified balance sheet at November 30, 2012.
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