The trial balance of Mr. Rosiak Fashion Center, Ltd. contained the following accounts at November 30, the
Question:
Adjustment data:
1. Supplies on hand totaled £2,100.
2. Depreciation is £11,500 on the equipment.
3. Interest of £4,000 is accrued on notes payable at November 30.
4. Inventory actually on hand is £44,520.
Instructions
(a) Enter the trial balance on a worksheet, and complete the worksheet.
(b) Prepare an income statement and a retained earnings statement for the year, and a classified statement of financial position as of November 30, 2017. Notes payable of £6,000 are due in January 2018.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trial balance.
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Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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