Question

The trial balance of Sheffield Fashion Center contained the following accounts at November 30, the end of the company's fiscal year Credit SHEFFIELD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $23.420 Accounts Receivabla 37,190 Inventory 49,490 Supplies 9.990 Equipment 139.960 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 Wagas Expense 128.360 Advertising Expense 27,640 Utilities Expenses 15,640 Maintenance and Repairs Expense 12.100 Delivery Expense 16,700 Rant Expense 25.240 Totals $1,002,300 S26,490 54,490 51,980 93,490 11.400 765,400 $1,003,300 Adjustment data: 1. 2. Supplies on hand totaled $4.990. Depreciation is $16,960 on the equipment Interest of $10.490 is accrued on notes payable at November 30. 3. Other data: 1. 2. Salaris expense is 7056 sing and 30% administrative Rent expense and utilities coenses are 80% selling and 20% administrative $30,000 of notes payable are due for payment next year. Maintenance and repairs expense is 100% administrative. 4.

prepare an adjusted trial balance

Answer 1

Adjusted Trial Balance:

SHEFFIELD FASHION CENTER
Adjusted TRIAL BALANCE
NOVEMBER 30, 2020.
	Debit	Credit
Cash	$33,420
Accounts Receivable	$37,180
Inventory	$48,480
Supplies	$4,980
Equipment	$139,960
Accumulated Depreciation - Equipment ($26,480 + $16,860)		$43,340
Notes Payable		$54,480
Accounts Payable		$51,980
Common Stock		$93,480
Retained Earnings		$11,480
Interest Payable		$10,490
Sales Revenue		$765,400
Sales Returns and Allowances	$4,200
Cost of Goods Sold	$495,400
Salaries and Wages Expense	$138,360
Advertising Expense	$27,640
Utilities Expense	$15,640
Maintenance and Repairs Expense	$12,100
Delivery Expense	$16,700
Rent Expense	$25,240
Supplies Expense ($8,980 - $4,980)	$4,000
Depreciation Expense	$16,860
Interest Expense	$10,490
Totals	$1,030,650	$1,030,650