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NOVAK FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 ces Dobit tions Credit Cash $33,780 S Support Accounts Receivable 37,420
Prepare a post-closing trial balance NOVAK FASHION CENTER Post-Closing Trial Balance Debit Credit $ e Textbook and Media t o
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Answer #1
NOVAK FASHION CENTER
POST-CLOSING TRIAL BALANCE
NOVEMBER 30,2020
Cash $33,780
Accounts Receivable $37,420
Inventory $48,720
Supplies $5,220
Equipment $140,440
Accumulated Depreciation-Equipment $43,760
Notes payable $54,720
Accounts payable $52,220
Interest payable $12,030
Common stock $93,720
Retained Earnings $9,130
Total $265,580 $265,580

Calculations:

Supplies:
Unadj. Bal. $9,220
Ending ($5,220)
Supplies expense $4,000
Accumulated depreciation:
Unadj. Bal. $26,720
Depreciation expense $17,040
Ending $43,760
Retained Earnings:
Unadj.bal. $11,720
Net loss* ($2,590)
Ending $9,130
*Income Statement
Sales revenue $766,000
Expenses:
Sales Returns and Allowance $4,200
Cost of goods sold $495,400
Salaries and Wages Expense $138,040
Advertising Expense $27,760
Utilities Expense $15,960
Maintenance and Repairs Expense $12,100
Delivery Expense $16,700
Rent Expene $25,360
Supplies expense $4,000
Depreciation expense $17,040
Interest expense $12,030 ($768,590)
Net loss ($2,590)
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