Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer each part 201 Professor Pryce P3-4 (L0 3.4. s) (Financlal statements, Adjusting and Closing Entries) The trial balance of Bellemy Fashion Center contained
Please answer each part
201 Professor Pryce P3-4 (L0 3.4. s) (Financlal statements, Adjusting and Closing Entries) 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, 2020 Debit $ 28,700 Credit Cash Accounts Receivable 33.700 Iaventory Supplies Equipment Accumulated Depreciation-Equipment 45.000 5.g00 133.000 S 24,000 Notes Payable SLO00 48,500 Accounts Payable Common Stock 90,000 8,000 Retained Earning Sales Revenue 757 200 Sales Returns and Allowances 4300 Cost of Goods Sold 495400 Salaries and Wages Expense 140,000 o6,400 Advertising Expense Uliies Expenses 14.000 Maintenance and Repairs Expense 12,s00 Delivery Expense Rent Expense s6,00 24000 s8.200 Adustment data: L Supplies on hand totaled $1,500. a Depreciation is S5,000 the equipment 3 Intereet of S1,o00 is accrued on notes payable at November 30 Other data Salaries expesse in 70% selling and 3o% admisistrative Rent expense and utilities expenses are Bo% selling and 2o% administrative. 3 $30,000 of notes payable are due for payment nest year 4 Maintenance and repairs expense is s0o% administrative Instructions a. Journalize the adjusting entries b. Prepare an adjusted trial balance c. Prepare a multiple-step income statement (ignore taxes) and retained earnings statemnt for the year and a clasified balance sheet as of November 30, a020 d. Journaline the closing entries We've u e. Prejare a post-closing trial balance. featur 345 Aa Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started