Problem 5-05A a, b1-b3, c-e (Part Level Submission) (Video)

The trial balance of Kingbird, Inc. contained the following accounts at November 30, the end of the company's fiscal year.

Kingbird, Inc.

Trial Balance

November 30, 2020

Debit

Credit

Cash$8,900

Accounts Receivable28,500

Inventory45,300

Supplies6,000

Equipment130,000

Accumulated DepreciationEquipment$25,000

Notes Payable50,000

Accounts Payable50,600

Common Stock45,000

Retained Earnings40,000

Dividends11,000

Sales Revenue755,600

Sales Returns and Allowances8,900

Cost of Goods Sold497,500

Salaries and Wages Expense139,800

Advertising Expense24,200

Utilities Expense14,000

Maintenance and Repairs Expense12,000

Freight-Out16,400

Rent Expense23,700

Totals$966,200

$966,200

Adjustment data:

1.Supplies on hand totaled $2,600.

2.Depreciation is $11,500on the equipment.

3.Interest of $6,000is accrued on notes payable at November 30.

4.Inventory actually on hand is $44,700.

Complete the worksheet.

Kingbird, Inc.

Worksheet

November 30, 2020

For the Month Ended November 30, 2020

For the Year Ended November 30, 2020

Account Titles

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet

Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr

Cash $8,900

Accounts Receivable 28,500

Inventory 45,300

Supplies 6,000

Equipment 130,000

Notes Payable 50,000

Accounts Payable 50,600

Common Stock 45,000

Retained Earnings 40,000

Dividends 11,000

Sales Revenue 755,600

Sales Returns and Allowances 8,900

Cost of Goods Sold 497,500

Salaries and Wages Expense 139,800

Advertising Expense 24,200

Utilities Expense 14,000

Maintenance and Repairs Expense 12,000

Freight-Out 16,400

Rent Expense 23,700

Totals$966,200 $966,200

Supplies Expense

Depreciation Expense

Interest Expense

Interest Payable

Totals$

Net Loss

Totals

And so on! (B1), (B2), (B3), (c), (d), (E).

Its Accounting for Merchandising Operations.