Question

BELLEMY FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Debit $28,700 33,700 45,000 5,500 133,000 Credit Cash 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 $24,000 51,000 48,500 90,000 8,000 757,200 4,200 495,400 140,000 26,400 14,000 12,100 16,700 24,000 $978,700 $978,700

Answer 1

Adjusting Journal entries
Date	Account Titles	Debit	Credit
Nov.30	Supplies Expense	$4,000.00
	Supplies		$4,000.00
	(to record supplies used)
Nov.30	Depreciation Expense	$15,000.00
	Accumulated Depreciation-Equipment		$15,000.00
	(to record depreciation on equipment)
Nov.30	Interest Expense	$11,000.00
	Interest Payable		$11,000.00
	(to record interest accrued on notes payable)
BELLEMY FASHION CENTER
Income statement
For the year ended Nov.30,2017
Income
Sales Revenue,Gross				$757,200.00
Less : Sales returns and allowances				$4,200.00
Sales Revenue,Net				$753,000.00
Less : Cost of goods sold				$495,400.00
Gross Margin				$257,600.00
Expenses
Selling Expenses
Salaries and Wages Expense		$98,000.00
Advertising Expense		$26,400.00
Utilities Expense		$11,200.00
Delivery Expense		$16,700.00
Rent Expense		$19,200.00
Total Selling Expenses			$171,500.00
Administrative Expenses
Salaries and Wages Expense		$42,000.00
Utilities Expense		$2,800.00
Maintenance and Repairs Expense		$12,100.00
Rent Expense		$4,800.00
Supplies Expense		$4,000.00
Depreciation Expense		$15,000.00
Total Administrative Expenses			$80,700.00
Total Selling and Administrative Expenses				$252,200.00
Operating Profit				$5,400.00
Less : Interest Expenses				$11,000.00
Net Income (Loss)				-$5,600.00
BELLEMY FASHION CENTER
Balance Sheet
as on Nov.30,2017
Assets
Current Assets
Cash			$28,700.00
Accounts Receivables			$33,700.00
Inventory			$45,000.00
Supplies			$1,500.00
Total Current Assets				$108,900.00
Fixed Assets
Equipment ,Gross			$133,000.00
Less : Accumulated Depreciation , Equipment			$39,000.00
Equipment,Net				$94,000.00
Total Assets				$202,900.00
Liabilities and Stockholders Equity
Current Liabilities
Notes Payable			$30,000.00
Interest Payable			$11,000.00
Accounts Payable			$48,500.00
Total Current Liabilities				$89,500.00
Long term debt
Notes Payable				$21,000.00
Total Liabilities				$110,500.00
Stockholders Equity
Common stock			$90,000.00
Retained Earnings			$2,400.00
Total Stcokholders Equity				$92,400.00
Total Liabilities and Stockholders Equity				$202,900.00