Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help preparinf the adjusted trial balance The trial balance of Vaughn Fashion Center contained the following accounts at November 30, the end of the

need help preparinf the adjusted trial balance
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The trial balance of Vaughn Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit VAUGHN FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,330 Accounts Receivable 37,120 Inventory 48,420 Supplies 8.920 Equipment 139,840 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495.400 Sataries and Wages Expo $26.420 54,420 51.920 93.420 11.420 765.250 138.440 U. 14 Cost of Goods Sold 495.400 Salaries and Wes Expense 138.400 Advertising Expense 27.610 Utilities Expenses 15,560 Maintenance and Repairs Expense 12.100 Delivery Expense 16.700 Rent Expense 25 210 Totals $1.002850 $1.002.850 Adjustment dat 1 Supplies on hand totaled $4.920 2 Depreciation is $16.815 on the equipment Interest of $10.640 is accrued on notes payable at November 30 3. Other data 1. Startes expeme is 70% selling and 30% dintrative Rent expense and utilities expenses are BOX selling and 20% administrative. 2 2 $30.000 of notes payable are due for payment next year Maintenance and repairs perel 100% distrative 4. Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) lo. Date Account Titles and explanation Debit Credit Nov 30 Supplies Experte 4000 Supplies 4000 Nav. 30 Depreciation Expense 16015 Accumulated Depreciation Coment 16815 Nov. 30 Interest Expense 10640 Interest Payable 10610 eTextbook and Media List of Accounts Prepare an adjusted trial balance. VAUGHN FASHION CENTER Adjusted Trial Balance Year Ended November 30, 2020 Debit Credit Cash . Question 2 of 8 5 > 0.14/1 HII Total

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Accounting questions

Question

Would a draft have availability float? Why or why not?

Answered: 1 week ago

Question

1. Prepare Cash Flow statements for the year 201011.

Answered: 1 week ago