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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

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