Question
The trial balance of Culver Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. CULVER FASHION CENTER Trial
The trial balance of Culver Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. CULVER FASHION CENTER Trial Balance November 30, 2022 Debit Credit Cash $ 20,200 Accounts Receivable 31,900 Inventory 45,400 Supplies 6,100 Equipment 135,000 Accumulated DepreciationEquipment $ 30,000 Notes Payable 51,000 Accounts Payable 63,100 Owners Capital 88,000 Owners Drawings 13,500 Sales Revenue 755,400 Sales Returns and Allowances 8,900 Cost of Goods Sold 497,400 Salaries and Wages Expense 139,600 Advertising Expense 24,000 Utility Expense 13,800 Maintenance and Repairs Expense 11,700 Freight-out 16,500 Rent Expense 23,500 Totals $987,500 $987,500 Adjustment data: 1. Supplies on hand totaled $2,100. 2. Depreciation is $11,300 on the equipment. 3. The interest of $6,000 is accrued on notes payable on November 30. 4. Inventory actually on hand is $45,100.
Part 1 The required data is:
Part 2 Income statement for the year ended November 30, 2022
Part3 Statement of retained earnings
Part 4 Balance sheet as of year-end.
part5 Adjusting journal entry for supplies expense.
Part 6 Closing journal entry to close an account with debit balances.
part 7 Post-closing trial balance
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