Question
The trial balance of Blossom Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. BLOSSOM FASHION CENTER TRIAL
The trial balance of Blossom Fashion Center contained the following accounts at November 30, the end of the companys fiscal year.
BLOSSOM FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 | ||||||
Debit | Credit | |||||
Cash | $33,770 | |||||
Accounts Receivable | 37,390 | |||||
Inventory | 48,690 | |||||
Supplies | 9,190 | |||||
Equipment | 140,380 | |||||
Accumulated Depreciation-Equipment | $26,760 | |||||
Notes Payable | 54,690 | |||||
Accounts Payable | 52,190 | |||||
Common Stock | 93,690 | |||||
Retained Earnings | 11,690 | |||||
Sales Revenue | 765,960 | |||||
Sales Returns and Allowances | 4,200 | |||||
Cost of Goods Sold | 495,400 | |||||
Salaries and Wages Expense | 138,080 | |||||
Advertising Expense | 27,780 | |||||
Utilities Expenses | 15,920 | |||||
Maintenance and Repairs Expense | 12,100 | |||||
Delivery Expense | 16,700 | |||||
Rent Expense | 25,380 | |||||
Totals | $1,004,980 | $1,004,980 |
Adjustment data:
1. | Supplies on hand totaled $5,190. | |
2. | Depreciation is $17,070 on the equipment. | |
3. | Interest of $10,440 is accrued on notes payable at November 30. |
Other data:
1. | Salaries expense is 70% selling and 30% administrative. | |
2. | Rent expense and utilities expenses are 80% selling and 20% administrative. | |
3. | $30,000 of notes payable are due for payment next year. | |
4. | Maintenance and repairs expense is 100% administrative. |
1- Prepare an adjusted trial balance.
2- Prepare a multiple-step income statement for the year.
3- Prepare retained earnings statement for the year.
4- Prepare a classified balance sheet as of November 30, 2017. (List current assets in order of liquidity.)
5- 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 0 for the amounts.)
6- Prepare a post-closing trial balance.
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