the trial balance of runway fashion center contained the accounts on the next page a 533596 | Homework Solutions

The trial balance of Runway Fashion Center contained the accounts on the next page at November 30, the end of the company”s fiscal year.

RUNWAY FASHION CENTER
Trial Balance
November 30, 2012

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Debit

Credit

Cash

$ 37,700

Accounts Receivable

33,700

Inventory

43,000

Supplies

8,800

Equipment

143,000

Accumulated Depreciation—Equipment

$ 41,000

Notes Payable

62,000

Accounts Payable

17,800

Common Stock

80,000

Retained Earnings

30,000

Dividends

12,000

Sales Revenue

757,200

Sales Returns and Allowances

6,200

Cost of Goods Sold

505,400

Salaries and Wages Expense

110,000

Advertising Expense

26,400

Utilities Expense

14,000

Maintenance and Repairs Expense

12,100

Freight-out

11,700

Rent Expense

24,000

$988,000

$988,000

Adjustment data:

1. Store supplies on hand total $3,100.

2. Depreciation is $14,000 on the store equipment and $6,000 on the delivery equipment.

3. Interest of $4,400 is accrued on notes payable at November 30.

4. Income tax due and unpaid at November 30 is $3,000. Other data: $24,000 of notes payable are due for payment next year.

Instructions

(a) Journalize the adjusting entries.

(b) Prepare T accounts for all accounts used in part (a). Enter the trial balance amounts into the T accounts and post the adjusting entries.

(c) Prepare an adjusted trial balance.

(d) Prepare a multiple-step income statement and a retained earnings statement for the year, and a classified balance sheet at November 30, 2012.

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