(Financial Statements, Adjusting and Closing Entries) The trial


Question Description:

24.99

(Financial Statements, Adjusting and Closing Entries) The trial balance of Bellemy Fashion Center contained the followingaccounts at November 30, the end of the company’s fiscalyear. BELLEMY FASHION CENTER Trial Balance November 30, 2010 Debit Credit Cash $28,700 Accounts Receivable 33,700 Merchandise Inventory 45,000 Store Supplies 5,500 Store Equipment 85,000 Acc. Depreciation – Store Equipment $18,000 Delivery Equipment 48,000 Acc. Depreciation – Delivery Equipment 6,000 Notes Payable 51,000 Accounts Payable 48,500 Common Stock 90,000 Retained Earnings 8,000 Sales 757,200 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries Expense 140,000 Advertising Expense 26,400 Utilities Expense 14,000 Repair Expense 12,100 Delivery Expense 16,700 Rent Expense 24,000 $978,700 $978,700 Adjustment data: Store supplies on hand totaled $1,500. Depreciation is $9,000 on the store equipment and $6,000 on thedelivery equipment. Interest of $11,000 is accrued on notes payable at November30. Other data: Salaries expense is 70% selling and 30% administrative. Rent expense and utilities expense are 80% selling and 20%administrative. $30,000 of notes payable are due for payment next year. Repair expense is 100% administrative. Journalize the adjusting entries. Date Description/Account Debit Credit Nov. 30 Store Supplies ExpenseStore SuppliesInterestExpenseInterest PayableDepr. Expense-Store Equip.Acc. Depr.-StoreEquip.Depr. Expense-Del. Equip.Acc. Depr.-Del. Equip. Interest ExpenseInterest PayableDepr. Expense-Store Equip.Acc.Depr.-Store Equip.Acc. Depr.-Del. Equip.Depr. Expense-Del.Equip.Store SuppliesStore Supplies Expense (To record store supplies) Nov. 30 Store Supplies ExpenseDepr. Expense-Store Equip.InterestExpenseStore SuppliesAcc. Depr.-Del. Equip.Interest PayableAcc.Depr.-Store Equip.Depr. Expense-Del. Equip. Depr. Expense-Store Equip.Interest PayableDepr. Expense-Del.Equip.Store SuppliesAcc. Depr.-Del. Equip.Acc. Depr.-StoreEquip.Store Supplies ExpenseInterest Expense (To record depreciation on store equipment) Nov. 30 Interest ExpenseDepr. Expense-Del. Equip.Acc. Depr.-Del.Equip.Store Supplies ExpenseAcc. Depr.-Store Equip.InterestPayableStore SuppliesDepr. Expense-Store Equip. Interest PayableStore SuppliesDepr. Expense-Del. Equip.Depr.Expense-Store Equip.Store Supplies ExpenseAcc. Depr.-StoreEquip.Interest ExpenseAcc. Depr.-Del. Equip. (To record depreciation on delivery equipment) Nov. 30 Store Supplies ExpenseAcc. Depr.-Del. Equip.Depr.Expense-Store Equip.Depr. Expense-Del. Equip.InterestPayableInterest ExpenseAcc. Depr.-Store Equip.Store Supplies Store Supplies ExpenseStore SuppliesDepr. Expense-Del.Equip.Interest ExpenseDepr. Expense-Store Equip.InterestPayableAcc. Depr.-Store Equip.Acc. Depr.-Del. Equip. (To record interest.) Prepare an adjusted trial balance. (If answer is zero, please enter0, do not leave any fields blank.) BELLEMY FASHION CENTER Adjusted Trial Balance November 30, 2010 Debit Credit Cash $ $ Accounts Receivable Merchandise Inventory Store Supplies Store Equipment Accumulated Depreciation – Store Equipment Delivery Equipment Accumulated Depreciation – Delivery Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense Store Supplies Expense Depreciation Expense – Store Equipment Depreciation Expense – Delivery Equipment Interest Expense Interest Payable Totals $ $ Prepare a multiple-step income statement and retained earningsstatement for the year and a classified balance sheet as ofNovember 30, 2010. (For income statement list multiple items inorder from largest to smallest amount, e.g. 15, 11, 5. For thebalance sheet list current assets in order of liquidity and currentliabilities with notes payable first and the other items in orderfrom largest to smallest amounts, e.g. 15, 11, 5.) BELLEMY FASHION CENTER Income Statement For t

Answer

24.99