Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of Monty Fashion Center contained the following accounts at November 30 , the end of the company/s fiscal year. begin{tabular}{|c|c|c|} hline multicolumn{3}{|c|}{begin{tabular}{l}

image text in transcribed
image text in transcribed
image text in transcribed
The trial balance of Monty Fashion Center contained the following accounts at November 30 , the end of the company/s fiscal year. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{l} MONTY FASHION CENTER \\ Trial Balance \\ November 30,2022 \end{tabular}} \\ \hline 3 & Debit & Credit . \\ \hline Cash & $21,600 & \\ \hline Accounts Receivable & 30,700 & \\ \hline Inventory & 45,400 & \\ \hline Supplies: & 6,000 & \\ \hline Equipment & 134,000 & \\ \hline Accumulated Depreciation-Equipment & & $28.000 \\ \hline Notes Payable & & 51,500 \\ \hline Accounts Payabie & & 61,000 \\ \hline Owner's Capital & ! & 90,000 \\ \hline Owner's Drawings & 12000 & \\ \hline Sales Revenue & & 755.800 \\ \hline Sales Returns and Allowances & 8,900 & \\ \hline Cost of Goods Sold & 497,400 & \\ \hline Salaries and Wages Expense & 139,500 & \\ \hline Advertising Expense & 24,500 & \\ \hline Utilities Expense & 13,900 & \\ \hline Maintenance and Repairs Expense & 12,200 & \\ \hline Freight-out & 16,600 & \\ \hline \end{tabular} Adjustment data: 1. Supplies on hand totaled $2,050. 2. Depreclation is $11,300 en the equipment. 3. Interest of $5,400 is accrued on notes payable at November 30 . 4. Inventory actually on hand is $45,100. MONTY FASHION CENTER Post-Closing Trial Balance Debit Credit s 5 Totah

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

Managerial Accounting Tools For Business Decision Making

Authors: Weygandt, Kimmel, Kieso

4th Edition

0470478535, 978-0470478530

More Books

Students also viewed these Accounting questions

Question

How do rituals and routines express organizational values?

Answered: 1 week ago