Question

Credit BLUE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,680 Accounts Receivable 37,330 Inventory 48,630 Supplies 9,130 Equipment 140,260 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,160 Advertising Expense 27,750 Utilities Expenses 15,840 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,350 Totals $1,004,530 $26,700 54,630 52,130 93,630 11,630 765,810 $1,004,530

Answer 1

BLUE FASHION CENTER Post Closing Trail Balance November 30, 2020. Account titles Debit Credit Cash $ 33,680 Accounts Receivables $ 37,330 Inventory $ 48,630 Supplies $ 5,130 Equipment $ 140,260 Accumulated Depreciation - Equipment $ 43,725 Notes Payable $ 54,630 Accounts Payable $ 52,130 Interest payable $ 10,400 Common Stock $ 93,630 Retained Earnngs $ 10,515 Total $ 265,030 S 265,030 Working Notes Statement of Retained earnings $ S 11,630 (1,115) Beginning balance, Retained earnngs Less : Net loss Less : Dividend Endng Balance , retained earnings S S 10,515

BLUE FASHION CENTER Income Statement November 30, 2020. Amount Amount Sales Revenue $ 765,810 Less : Sales returns and allowances $ (4,200 $ 761,610 Less : Cost of Goods sold S (495,400) Gross Profit $ 266,210 Less : Expenses Rent expense $ (25,350) Supplies expense $ (4,000) Depreciation Expense $ (17,025) Advertaisement Expenses $ (27,750) Maintenance and repair Expense $ (12,100) Delivery expense $ (16,700) Salries and wages Expenses S (138,160) Utilities Expenses $ (15,840) Interest expense $ (10,400) $ (267,325) Net Income (loss) IS (1,115) Supplies expense = $ 9130 - $ 5130 = $ 4000 Accumulated depreciation - ending balance = $ 26700 + $ 17025 = $ 43725 Activ