Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. KINGBIRD FASHION CENTER TRIAL

The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the companys fiscal year.

KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020

Debit

Credit

Cash $33,600
Accounts Receivable 37,300
Inventory 48,600
Supplies 9,100
Equipment 140,200
Accumulated Depreciation-Equipment $26,600
Notes Payable 54,600
Accounts Payable 52,100
Common Stock 93,600
Retained Earnings 11,600
Sales Revenue 765,700
Sales Returns and Allowances 4,200
Cost of Goods Sold 495,400
Salaries and Wages Expense 138,200
Advertising Expense 27,700
Utilities Expenses 15,800
Maintenance and Repairs Expense 12,100
Delivery Expense 16,700
Rent Expense 25,300
Totals

$1,004,200

$1,004,200

Adjustment data:

1. Supplies on hand totaled $5,100.
2. Depreciation is $16,950 on the equipment.
3. Interest of $10,090 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.

Journalize the adjusting entries.

No.

Date

Account Titles and Explanation

Debit

Credit

1. Nov. 30

2. Nov. 30

3. Nov. 30

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_2

Step: 3

blur-text-image_3

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

Principles Of Financial Accounting (Chapters 1-17)

Authors: John Wild

25th Edition

1260780147, 9781260780147

More Books

Students also viewed these Accounting questions