Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of Coronado Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. CORONADO FASHION CENTER TRIAL

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The trial balance of Coronado Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. CORONADO FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,230 Accounts Receivable 37.030 Inventory 48,330 Supplies 8,830 139,660 $ 26,400 Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock 54,330 51,830 93,330 11,330 Retained Earnings Sales Revenue 765,060 Sales Returns and Allowances 4.200 Cost of Goods Sold 495,400 Cost of Goods Sold 495.400 Salaries and Wages Expense 138,560 Advertising Expense 27,600 Utilities Expenses 15,440 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,200 Totals $ 1,002,280 $ 1,002,280 Adjustment data: 1. Supplies on hand totaled $ 4,830. 2. Depreciation is $ 16,800 on the equipment. 3. Interest of $ 11,360 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. Other data: 1. 2. 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. 3 4. (a) 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 1. Nov. 30 2 Nov. 30 (a) 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 1. Nov. 30 2. Nov. 30 3 Nov. 30 I (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c1) The parts of this question must be completed in order. This part will be available when you complete the part above. (c2) The parts of this question must be completed in order. This part will be available when you complete the part above, (c3) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

=+Why were they effective? How could you continue the campaign?

Answered: 1 week ago

Question

=+Who's your primary audience?

Answered: 1 week ago

Question

=+What do they need to hear?

Answered: 1 week ago