Question

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)

Solutions

Expert Solution

Account titles Trial balance Adjustments Adjusted
Trial Balance		 Income statement Balance sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 8100 8100 8100
Accounts Receivable 28700 28700 28700
Inventory 44700 (4) 400 44300 44300
(44700-44300)
Supplies 6,100 (1) 3700 2400 2400
(6100-2400)
Equipment 132,000 132000 132000
Accumulated Depreciation—Equipment $26,000 (2) 13500 39500 39500
Notes Payable 51,000 51,000 51000
Accounts Payable 33,600 33,600 33600
Interest payable (3) 4000 4000 4000
Common Stock 60,000 60,000 60000
Retained Earnings 40,000 40,000 -2100 37900
(Loss)
Dividends 10,500 10,500 10,500
Sales Revenue 755,600 755,600 755,600
Sales Returns and Allowances 8,700 8,700 8,700
Cost of Goods Sold 497,100 (4) 400 497500 497,500
(44700-44300)
Salaries and Wages Expense 140,000 140,000 140,000
Advertising Expense 24,200 24,200 24,200
Utilities Expense 13,600 13,600 13,600
Maintenance and Repairs Expense 12,100 12,100 12,100
Freight-Out 16,400 16,400 16,400
Rent Expense 24,000 24,000 24,000
Supplies expense (1) 3700 3700 3,700
Depreciation expense (2) 13500 13500 13,500
Interest expense (3) 4000 4000 4,000
966200 966200 21600 21600 983700 983700 755,600 755,600 226000 226000

ekkarill92 answered 1 year ago
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