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Please help with all red sections Problem 5-05A a-e The trial balance of Flounder Fashion Center contained the following accounts at November 30, the end
Please help with all red sections
Problem 5-05A a-e The trial balance of Flounder Fashion Center contained the following accounts at November 30, the end of the company's fiscal year, Credit FLOUNDER FASHION CENTER Trial Balance November 30, 2020 Debit Cash $ 21,100 Accounts Receivable 31,200 Inventory 43,400 Supplies 6,100 Equipment 133,000 Accumulated Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 14,000 Sales Revenue Sales Returns and Allowances 9,000 Cost of Goods Sold 497,000 Salaries and Wages Expense 139,500 Advertising Expense 24,100 Utilities Expense 13,500 Maintenance and Repairs Expense 12,000 Freight-out 16,800 23,900 Rent Expense $984,500 Totals $ 26,000 51,000 64,200 88,000 755,400 $984,600 Adjustment data: Auusement data: CALOULATOR PRINTER VERSIG 1. Supplies on hand totaled $2,000. 2. Depreciation is $11,200 on the equipment. 3. Interest of $5,400 is accrued on notes payable at November 30. 4. Inventory actually on hand is $43,100. Your answer is correct. Complete the worksheet. FLOUNDER FASHION CENTER Worksheet For the Year Ended November 30, 2020 Adjustments Adj. Trial Balance Dr. Trial Balance Dr. Income Statement Account Titles Balance Dr. Cash $21,100 SAS 21100 94_ 21100 Accounts Receivable 31,200 31200 31200 Inventory 43,400 PEPE EUROS 4310 43100 3- 3 Supplies 6,100 2000 Equipment 133,000 133000 Accum. Depreciation Equipment $26.000 11200 Accum. Depreciation Equipment $26, Notes Payable 51,000 Accounts Payable 64,200 64200 Owner's Capital 88,000 Owner's Drawings 14,000 Sales Revenue 755,400 Sales Returns and Allowances 9,000 Cost of Goods Sold 497,000 Salaries and Wages Expense 139,500 Advertising Expense 24,100 Utilities Expense 13,500 Maintenance and Repairs Expense 12,000 Freight-Out 16,800 23,900 Rent Expense $984,600 $984,500 Totals Supplies Expense Depreciation Expense Interest Expense 010 Interest Payable Totals Net Loss 1400 Totals 756800 245800 FLOUNDER FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales PRETTE Sales Revenue 755400 ess Sales Returns and Allowances 9000 Net Sales 746400 Cost of Goods Sold 497300 Gross Profit 249100 Operating Expenses Freight-Out 16800 Depreciation Expense 11200 Advertising Expense 24100 Rent Expense 23900 Salaries and Wages Expense 139500 Maintenance and Repairs Expense 12000 Utilities Expense 13500 Sales Returns and Allowances 9000 Total Operating Expenses 250000 Income from Operations Other Expenses and Losses Interest Expense 5400 Net Income / (Loss) LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare an owner's equity statement for the year. FLOUNDER FASHION CENTER Owner's Equity Statement For the Year Ended November 30, 2020 Owner's Capital, December 1, 2019 88000 Less Net Income / (Loss) Drawings 14000 Owner's Capital, November 30, 2020 LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare a classified balance sheet as of November 30, 2019. Notes payable of $21,500 are due in Ja FLOUNDER FASHION CENTER Balance Sheet November 30, 2020 Assets Current Assets Cash 21100 Accounts Receivable 31200 Inventory 43100 Supplies 4100 Total Current Assets 99400 Property, Plant and Equipment Equipment 133000 Less Accumulated Depreciation-Equipment 37200 95800 Total Assets 195200 Liabilities and Owner's Equity of Current Liabilities Accounts Payable 64200 Accumulated Depreciation Equipment 26000 Sales Revenue Total Current Liabilities Long-term Liabilities Notes Payable 51000 Total Liabilities Owner's Equity Owner's Capital 88000 Total Liabilities and Owner's Equity LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Don No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 Supplies Expense 4100 FU 4100 Supplies (To adjust supplies expense) 2. Nov. 30 Depreciation Expense 11200 11200 Accumulated Depreciation-Equipment (To adjust depreciation on equipment) 3. Nov. 30 Interest Expense 5400 Interest Payable 5400 (To adjust interest expense) 4. Nov. 30 Cost of Goods Sold 300 300 LE 300 Inventory (To adjust merchandise inventory) LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do Date Account Titles and Explanation Debit Credit Nov. 30 Sales Revenue 755400 Income Summary 755400 (To close accounts with credit balances) Nov. 30 Income Summary 756800 Cost of Goods Sold 497300 Salaries and Wages Expense 139500 Advertising Expense 24100 Utilities Expense 13500 RETT Maintenance and Repairs Expense 12000 VERDE LLLLLLL LLL Freight-Out 16800 Rent Expense 23900 Depreciation Expense 11200 Interest Expense 5400 Supplies Expense 4100 9000 Sales Returns and Allowances (To close accounts with debit balances) Nov. 30 Owner's Capital i Income Summary (To close net income / (loss)) Nov. 30 Owner's Capital 14000 14000 Owner's Drawings (To close drawings) FLOUNDER FASHION CENTER Post-Closing Trial Balance For the Year Ended November 30, 2020 Debit Credit * * * Oddblodtan Totals
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