Question

WINDSOR FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Debit Credit $33,420 37,180 48,480 8,980 139,960 Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Rent Expense Totals $26,480 54,480 51,980 93,480 11,480 765,400 4,200 495,400 138,360 27,640 15,640 12,100 16,700 25,240 $1,003,300 $1,003,300

Answer 1

	Account titles						Trial balance		Adjustments		Adjusted Trial balance
							Debit	Credit
	Cash						33420				33420
	Accounts receivable						37180				37180
	Inventory						48480				48480
	Supplies						8980			4000	4980
	Equipment						139960				139960
	Accumulated depreciation-Equipment							26480		16860		43340
	Notes payable							54480				54480
	Accounts payable							51980				51980
	Interest payable									10490		10490
	Common stock							93480				93480
	Retained earnings							11480				11480
	Sales revenue							765400				765400
	Sales returns and allowances						4200				4200
	Cost of goods sold						495400				495400
	Rent expense						25240				25240
	Salaries & Wages expense						138360				138360
	Supplies expense								4000		4000
	Depreciation Expense								16860		16860
	Utilities expense						15640				15640
	Advertising expense						27640				27640
	Maintenance and repairs expense						12100				12100
	Interest expense								10490		10490
	Delivery expense						16700				16700
							1003300	1003300	31350	31350	1030650	1030650
	Adjusting entries:
	Date	Account titles and explanation				Debit	Credit
	Nov 30.	Supplies expense			(8980-4980)	4000
		Supplies					4000
		(Supplies used)
	Nov 30.	Depreciation Expense				16860
		Accumulated depreciation-Equipment					16860
		(Depreciation recorded)
	Nov 30.	Interest expense				10490
		Interest payable					10490
		(Interest accrued on notes)
	Now, prepare final accounts using adjusted trial balance
1		Multi-step income statement
						$	$
	Sales revenue						765400
	Less: Sales returns and allowances						4200
	Net sales						761200
	Less: Cost of goods sold						495400
	Gross profit						265800
	Less:
	Selling expenses				(Note:1)	173896
	Administrative expense				(Note:2)	93134	267030
	Net loss						-1230