Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of Peach Company contained the following accounts at November 30, the end of the company's fiscal year: PEACH COMPANY Trial Balance

image text in transcribed

The trial balance of Peach Company contained the following accounts at November 30, the end of the company's fiscal year: PEACH COMPANY Trial Balance - November 31, N Cash Accounts receivable Inventory Supplies Equipment Accumulated Equipment Notes payable Accounts payable 2. Depreciation is $ 11,000 on the equipment. Debit Credit Adjustment data: 21,000 1. Supplies on hand totaled $ 3,000. 30,700 44,700 6,200 133,000 depreciation 3. Interest of $ 3,800 is accrued on notes payable at November 30. 28,000 4. Inventory actually on hand is $44,400. 60,000 48,500 Requirements: 93,000 Owner's Capital Owner's Drawings 12,000 Sales Revenue 755,500 Sales Returns and Allowances 8,800 Cost of goods sold 497,400 Salaries and Wages Expense 140,000 Advertising expense 24,400 Utilities expense 26,100 Freight-Out 16,700 Rent expense 24,000 Totals S 985,000 S 985,000 (a) Prepare the multi-step income statement and an owner's equity statement for the year, and a classified balance sheet as of November 30, N. (b) Journalize the adjusting entries. (c) Journalize the closing entries.

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

Accounting Introduction To Financial Accounting

Authors: Henry Dauderis, David Annand

1st Edition

1517089719, 978-1517089719

More Books

Students also viewed these Accounting questions

Question

Modify your solution to Exercise

Answered: 1 week ago