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Category > Accounting Posted 25 Sep 2017 My Price 10.00

Bellemy Fashion Center

P-4 The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.

 

BELLEMY FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2012
 

Debit

Credit

Cash

28,700

  

Accounts Receivable

$33,700

  

Inventory

45,000

  

Supplies

5,500

  

Equipment

133,000

  

Accumulated Depreciation—Equipment

  

$24,000

Notes Payable

  

51,000

Accounts Payable

  

48,500

Common Stock

  

90,000

Retained Earnings

  

8,000

Sales Revenue

  

757,200

Sales Returns and Allowances

$4,200

  

Cost of Goods Sold

495,400

  

Salaries and Wages Expense

140,000

  

Advertising Expense

26,400

  

Utilities Expenses

14,000

  

Maintenance and Repairs Expense

12,100

  

Freight-out

16,700

  

Rent Expense

24,000

  
 

$978,700

$978,700

 

Adjustment data:

 

1. Supplies on hand totaled $1,500.

 

2. Depreciation is $15,000 on the equipment.

 

3. Interest of $11,000 is accrued on notes payable at November 30.

 

Other data:

 

1. Salaries expense is 70% selling and 30% administrative.

 

2. Rent expense and utilities expense are 80% selling and 20% administrative.

 

3. $30,000 of notes payable are due for payment next year.

 

4. Maintenance and repairs expense is 100% administrative.

 

Instructions

 

(a) Journalize the adjusting entries.

 

(b) Prepare an adjusted trial balance.

 

(c) Prepare a multiple-step income statement and retained earnings statement for the year and a classified balance sheet as of November 30, 2012.

 

(d) Journalize the closing entries.

(e) Prepare a post-closing trial balance

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Maurice Tutor
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Status NEW Posted 25 Sep 2017 10:09 PM My Price 10.00

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