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The trial balance of Sarasota Fashion Center contained the following accounts at November 30, the end of the company's fiscal year, SARASOTA FASHION CENTER Trial Balance November 30, 2020 Debit Credit Cash $ 20,000 Accounts Receivable 30,800 Inventory 44,900 Supplies 6,200 Equipment 133,000 Accumulated Depreciation-Equipment $ 27,000 Notes Payable 51,500 Accounts Payable 61,200 Owner's Capita 88,500 Owner's Drawings 13,500 Sales Revenue 755,400 Sales Returns and Allowances 8,700 Cost of Goods Sold 497,100 Salaries and Wages Expense 139,500 Advertising Expense 24,100 Utilities Expense 13,600 Maintenance and Repairs Expense 12,200 Freight-out 16,500 Rent Expense 23,500 otal: $983,600 $983,600 Adjustment data: 1. Supplies on hand totaled $2,250 2. Depreciation Is $11,400 on the equipment. 3. Interest of $5,950 is accrued on notes payable at November 30. 4. Inventory actually on hand Is $44,600. Complete the worksheet. SARASOTA FASHION CENTER Worksheet Trial Balance Adjustments Adj. Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. cr. Dr. Cr. Dr. Cr. Cash $20,000 $ Accounts Receivable 30,800 Inventory 44,900 Supplies 6,200 Equipment 133,000 Accum. Depreciation-Equipment $27,000 Notes Payable 51,500 Accounts Payable 61,200 Owner's Capital 88,500 Owner's Drawings 13,500 Sales Revenue 755,400 Sales Returns and Allowances 8,700 Cost of Goods Sold 197,100 Salaries and Wages Expense 139,500 Advertising Expense 24,100 Utilities Expense 13,600 Maintenance and Repairs Expense 12,200Freight-Out 16,500 Rent Expense 23,50 Totals $983,600 $983,600 Supplies Expense Depreciation Expense Interest Expense Interest Payable Totals Net Loss Totals Prepare a multiple-step income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SARASOTA FASHION CENTER Income Statement Prepare an owner's equity statement for the year. SARASOTA FASHION CENTER Owner's Equity Statement Prepare a classified balance sheet as of November 30, 2019. Notes payable of $18,000 are due In January 2020. (List Current Assets In order of liquidity.)Balance Sheet Assets $ Liabilities and Owner's Equity Journalize the adjusting entries. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 To adjust supplies expense) Nov. 30 (To adjust depreciation on equipment) 3. Nov. 30 (To adjust interest expense) 4. Nov. 30 (To adjust merchandise inventory) Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close accounts with credit balances) Nov. 30(To close accounts with debit balances) Nov. 30 To close net Income / (loss)) Nov. 30 (To close drawings) Prepare a post-closing trial balance. SARASOTA FASHION CENTER Post-Closing Trial Balance Debit Credit Totals Question Attempts: Unlimited Copyright @ 2008-2020 by John Willmy & Sons, Inc. or related companies. All rights raasived
