Question 7 of 7 1.71/ Credit ORIOLE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,590 Accounts Receivable 37,270 Inventory 48,570 Supplies 9,070 Equipment 140,140 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138.240 Advertising Expense 27.720 Utilities Expenses 15.760 Maintenance and Repairs Expense 12.100 Delivery Expense 16,700 Rent Expense 25,320 Totals $1,004,080 $26,640 54,570 52,070 93,570 11,570 765,660 $1,004,080 Adjustment data: Question 7 of 7 1.71/3 Adjustment data: 1 2. 3. Supplies on hand totaled $5,070. Depreciation is $16,980 on the equipment. Interest of $11,580 is accrued on notes payable at November 30. Other data: 1. 2. 3. Salaries expense is 70% selling and 30% administrative. Rent expense and utilities expenses are 80% selling and 20% administrative. $30,000 of notes payable are due for payment next year, Maintenance and repairs expense is 100% administrative. (a) Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Date Account Titles and Explanation Question 7 of 7 1.71/3 ili Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit Supplies Expense 1. Nov. 30 4000 Supplies 4000 2. Nov. 30 Depreciation Expense 16,980 Accumulated Depreciation Equipment 16,980 3 Nov. 30 Interest Expense 11.580 Interest Payable 11.580 e Textbook and Media List of Accounts Attempts: 1 of 3 used Question 7 of 7 1.71/3 III URIOLE FASHION CENTER Adjusted Trial Balance November 30, 2020 Debit Credit Cash 33590 $ Accounts Receivable 37270 Inventory 48570 Supplies 5070 Equipment 140140 Accumulated Depreciation Equipment 43620 Notes Payable 54570 Accounts Payable 52070 Common Stock 93570 Retained Earings 11570 Sales Revenue 765660 Sales Returns and Allowances 4200 Cost of Goods Sold 495400 Salaries and Wages Expense 138240 Question 7 of 7 1.71/3 III Depreciation Experte 16980 Delivery Expense 16700 Supplies Expense 4000 15 Total Selling Expenses Administrative expenses Salaries and Wages Expense 41472 Utilities Expenses 3152 Rent Expense 5064 Maintenance and Repairs Expense 121001 Total Administrative Expenses Total Operating Expenses Income from Operation Other Expenses and love Interest Notincome/(los Question 7 of 7 > 1.71/3 III 16980 i 167001 4000 195032 41472 i 3152 5064 i 12100 61788 256820 i 9240 11580 i -2340 Question 7 of 7 > 1.71/3 III (c2) Your Answer Correct Answer Your answer is correct. Prepare retained earnings statement for the year. ORIOLE FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2020 Retained Earnings, December 1, 2019 11.570 Less Net Income /(Loss) (2340) Retained Earnings. November 30, 2020 9.230 e Textbook and Media List of Accounts Attempts: 3 of 3 used 2.13/3 Question 7 of 7 48570 5070 124500 it Assets it and Equipment 140140 Accumulated Depreciation Equipment 43620 96520 221020 Liabilities and Stockholders' Equity ities yable $ 52070 de 30000 able 11.580 it Liabilities $ 93650 bilities de ies 24570 Equity 118220 2.13/3 estion 7 of 7 Property, plant and Equipment 140140 Equipment 43620 Less : Accumulated Depreciation Equipment $ Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 52070 Notes Payable 30000 Interest Payable 11.580 Total Current Liabilities Long-term Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock 93570 Retained Earnings 9230 Total Stockholders' Equity Question 7 of 7 2.13/3 E Current Liabilities Accounts Payable 52070 Notes Payable 30000 Interest Payable 11,580 Total Current Liabilities Long-term Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock 93570 Retained Earnings 9230 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ e Textbook and Media List of Accounts Attempts: 2 of 3 used 2.13/3 Question 7 of 7 48570 5070 124500 it Assets it and Equipment 140140 Accumulated Depreciation Equipment 43620 96520 221020 Liabilities and Stockholders' Equity ities yable $ 52070 de 30000 able 11.580 it Liabilities $ 93650 bilities de ies 24570 Equity 118220 Question 7 of 7 2.13/3 Liabilities and Stockholders' Equity ities yable 52070 de 30000 able 11,580 it Liabilities 93650 ibilities ile 24570 ies 118220 Equity sck 93570 mnings 9230 Iders' Equity 102800 ies and Stockholders' Equity 221020 e Textbook and Media List of Accounts 2.58/3 E Question 7 of 7 (d) Your answer is correct. Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Debit Credit No. Date Account Titles and Explanation Nov. 1. Sales Revenue 30 765660 765660 Income Summary (To close accounts with credit balances.) 2. Nov. 30 Income Summary 768000 4200 Sales Returns and Allowances 495400 Cost of Goods Sold Salaries and Wages Expense 138240 27720 Advertising Expense Utilities Expenses 15760 Maintenance and Repairs Expense 12100 Delivery Expense 16700 2.5873 III Question 7 of 7 TV 2 768000 Income Summary 30 4200 Sales Returns and Allowances 495400 Cost of Goods Sold 138240 Salaries and Wages Expense 27720 Advertising Expense 15760 Utilities Expenses 12100 Maintenance and Repairs Expense 16700 Delivery Expense 25320 Rent Expense 4000 Supplies Expense 16,980 Depreciation Expense 11580 Interest Expense (To close accounts with debit balances.) 3 Nov. 30 Retained Earnings 2340 2340 Income Summary (To close net income/(loss).) e Textbook and Media (e) Prepare a post-closing trial balance. ORIOLE FASHION CENTER Post-Closing Trial Balance Debit Credit Question 7 of 7 2.58/3 POST-CIOSING urial Balance Debit Credit e Textbook and Media List of Accounts