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Presented below is the November 30, 2019, unadjusted trial balance of Addison's Beauty Salon, which is owned by Addison Corporation. The temporary account balances
Presented below is the November 30, 2019, unadjusted trial balance of Addison's Beauty Salon, which is owned by Addison Corporation. The temporary account balances represent the results of entries recorded during the first 11 months of 2019, and the balance in Addison's common stock and retained earnings accounts have not changed since December 31, 2018. Currently, 5,000 shares of stock are outstanding and 20,000 shares have been authorized. All income tax effects are to be ignored for this project. Cash Make-Up Inventory Addison's Beauty Salon Unadjusted Trial Balance November 30, 2019 REF DEBIT CREDIT 111 251,000 112 10,500 Supplies Inventory 113 8,500 Prepaid Salon Rental 114 13,500 Equipment 131 263,500 Accumulated Depreciation, Equipment 132 123,300 Building 135 420,000 Accumulated Depreciation, Building 136 122,000 Accounts Payable 211 21,100 Wages Payable 212 0 Utilities Payable 213 0 Interest Payable 214 0 Unearned Appointment Revenue 215 3,500 Long-Term Notes Payable 231 45,300 Common Stock ($10 par value) 311 73,800 Retained Earnings 312 290,000 Dividends 313 Income Summary 3141 Appointment Revenue 411 700,000 Make-Up Revenue 412 407,000 Wages Expense 511 455.000 512 200,000 Salon Rental Expense Make-Up Expense Supplies Expense 513 125,000 514 0 Utilities Expense 515 17,500 Advertising Expense 516 6,800 Maintenance Expense 517 14,700 Depreciation Expense, Equipment 518 0 Depreciation Expense, Building 519 0 Interest Expense 520 0. Totals $1,786,000 $1,786,000
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