The trial balance of Splish Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit SPLISH FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,770 Accounts Receivable 37,390 Inventory 48,690 Supplies 9,190 Equipment 140,380 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,080 Advertising Expense 27,780 Utilities Expenses 15,920 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 $26,760 54,690 52.190 93,690 11,690 765,960 Rent Expense 25,380 $1,004,980 Totals $1,004,980 Adjustment data: 1. 2. Supplies on hand totaled $5,190. Depreciation is $17,070 on the equipment. Interest of $10,440 is accrued on notes payable at November 30. 3. Other data: 1. 2. Salaries expense is 70% selling and 30% administrative. Rent expense and utilities expenses are 80% selling and 20% administrative. $30,000 of notes payable are due for payment next year. Maintenance and repairs expense is 100% administrative. 3. 4. Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Date Account Titles and Explanation Nov. 1 Supplies Expense 30 4000 Supplies 400 2. Nov. 30 Depreciation Expense 17070 Accumulated Depreciation Equipment 1707 3. Nov. 30 Interest Expense 10440 Interest Payable 1044 e Textbook and Media Prepare a multiple-step income statement for the year. (ignore income taxes) (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) SPLISH FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales Revenue Sales Less Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling expenses Salaries and Wages Expense $ 138080 Advertising Expense 27780 i Delivery Expense - 16700 Depreciation Expense -17070 i Utilities Expenses 15920 Rent Expense 25380 Supplies Expense 4000 i Total Selling Expenses $ Administrative expenses Rent Expense 25380 Maintenance and Repairs Expense 12100 i Utilities Expenses 15920 Salaries and Wages Expense 41448 Total Administrative Expenses Total Operating Expenses Total Operating Expenses Income from Operations Other Expenses and Losses Interest Expense eTextbook and Media List of Accounts Save for Later Last saved 23 hours ago. Attempts: 2 of 5 used Submit Answer Saved work will be auto-submitted on the due date
