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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.

RUNWAY FASHION CENTER Trial Balance November 30, 2012 Don't use plagiarized sources. Get Your Custom Essay on the trial balance of runway fashion center contained the accounts on the next page a 533596 For $10/Page 0nly Order Essay
	Debit	Credit
Cash	$ 37,700
Accounts Receivable	33,700
Inventory	43,000
Supplies	8,800
Equipment	143,000
Accumulated Depreciation—Equipment		$ 41,000
Notes Payable		62,000
Accounts Payable		17,800
Common Stock		80,000
Retained Earnings		30,000
Dividends	12,000
Sales Revenue		757,200
Sales Returns and Allowances	6,200
Cost of Goods Sold	505,400
Salaries and Wages Expense	110,000
Advertising Expense	26,400
Utilities Expense	14,000
Maintenance and Repairs Expense	12,100
Freight-out	11,700
Rent Expense	24,000
	$988,000	$988,000

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.

(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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