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In: Accounting

The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end...

The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.

VALDEZ FASHION CENTER
Trial Balance
November 30, 2017

Debit

Credit
Cash

$ 8,100
Accounts Receivable

28,700
Inventory

44,700
Supplies

6,100
Equipment

132,000
Accumulated Depreciation—Equipment

$ 26,000
Notes Payable

51,000
Accounts Payable

33,600
Common Stock

60,000
Retained Earnings 40,000
Dividends

10,500
Sales Revenue

755,600
Sales Returns and Allowances

8,700
Cost of Goods Sold

497,100
Salaries and Wages Expense

140,000
Advertising Expense

24,200
Utilities Expense

13,600
Maintenance and Repairs Expense

12,100
Freight-Out

16,400
Rent Expense

24,000
  Totals

$966,200

$966,200



Adjustment data:

1. Supplies on hand totaled $2,400.
2. Depreciation is $13,500 on the equipment.
3. Interest of $4,000 is accrued on notes payable at November 30.
4. Inventory actually on hand is $44,300.

A: Complete the worksheet (Trial Balance, Adjustments, Adj. Trial Balance, Income Statement, Balance Sheet)

B: Journalize the adjusting entries.

C: Journalize the closing entries

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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