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Bike World, Inc., wholesales a line of custom road bikes. Bike World's inventory as of November 30, 2018, consisted of 22 mountain bikes costing
Bike World, Inc., wholesales a line of custom road bikes. Bike World's inventory as of November 30, 2018, consisted of 22 mountain bikes costing $1,650 each. Bike World's trial balance as of November 30 appears as follows: Bike World, Inc. Trial Balance November 30, 2018 ACCOUNT Cash Accounts Receivable Inventory Supplies DEBIT CREDIT $ 9,150 12,300 36,300 900 Accounts Payable Office Equipment Accumulated Depreciation, Office Equipment Note Payable, Long-Term 18,000 $ 3,000 1,325 5,000 Common Stock 8,500 Retained Earnings 21,425 Dividends 4,250 Sales Revenue 147,975 Cost of Goods Sold 78,900 Sales Commissions Expense 11,300 Office Salaries Expense 7,425 Office Rent Expense 5,500 Shipping Expense Total 3,200 $187,225 $187,225
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