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The trial balance of Fierce Fashion, Inc. contained the following accounts at November 30, 2021, the end of the company's fiscal year. FIERCE FASHION,
The trial balance of Fierce Fashion, Inc. contained the following accounts at November 30, 2021, the end of the company's fiscal year. FIERCE FASHION, INC. Trial Balance 30-Nov-21 Cash P35,500 Accounts Receivable 30,700 Merchandise Inventory 44,700 Store Supplies 6,200 Store Equipment 85,000 Accumulated Depreciation: Store Equipment P18,000 Delivery Equipment 48,000 Accumulated Depreciation: Delivery Equipment 6,000 Notes Payable 51,000 Accounts Payable 48,500 Capital Stock 110,000 Dividends 12,000 Sales Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense 759,200 497,400 140,000 26,400 14,000 12,100 16,700 24,000 Total P992,700 P992,700 Adjustment data: 1. Store supplies on hand totaled P3,500. 2. Depreciation is P9,000 on the store equipment and P6,000 on the delivery equipment. 3. Interest of P4,080 is accrued on notes payable at November 30. 4. Merchandise inventory actually on hand is P44,400. Other data: 1. Salaries expense is 80% selling and 20% administrative. 2. Rent expense and utilities expense are 70% selling and 30% administrative. 3. Repair expense is 100% administrative.
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