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The trial balance of Dorothys Young Fashions contained the following account balances on July 31, 2018, the end of the companys fiscal year: Dorothy's Young

The trial balance of Dorothy’s Young Fashions contained the following account balances on July 31, 2018, the end of the company’s fiscal year:

Dorothy's Young Fashions

Trial Balance

July 31, 2018

Debit

Credit

Cash

$14,685

Accounts Receivable

18,535

Merchandise Inventory

24,750

Store Supplies

3,025

Store Equipment

46,750

Accumulated Depreciation - Store Equipment

$9,900

Delivery Equipment

26,400

Accumulated Depreciation - Delivery Equipment

3,300

Notes Payable

28,050

Accounts Payable

26,675

Common Stock

49,500

Retained Earnings

4,400

Sales

416,460

Sales Returns and Allowances

2,310

Cost of Goods Sold

273,570

Salaries Expense

77,000

Advertising Expense

14,520

Utilities Expense

7,700

Repair Expense

6,655

Delivery Expense

9,185

Rent Expense

13,200

$538,285

$538,285

Adjusting Information

  1. Stores Supplies on hand totaled $1,925.
  2. Depreciation was $4,950 on the Store Equipment and $3,850 on the Delivery Equipment.
  3. Interest of $6,050 is accrued on Notes Payable at July 31, 2018.

Additional Information

  1. Salaries Expense is 70% selling expense and 30% administrative expense.
  2. Rent Expense and Utilities Expense are allocated 80% to selling expenses and 20% to administrative expenses.
  3. $16,500 of the Notes Payable will be due for payment during the next year.
  4. Repair Expense is 100% administrative.

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