Question

CALCULATOR PRINTER VERSION <BACK NEXT The trial balance of Sunland Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit SUNLAND FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,240 Accounts Receivable 37,060 Inventory 48,360 Supplies 8,860 Equipment 139,720 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 138,520 Advertising Expense 27,580 Utilities Expenses Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,180 Totals $1,002,400 $26,360 54,360 51,860 93,360 11,360 765,100 15,480 $1,002,400 Adjustment data: 1. Supplies on hand totaled $4,860. 2. Depreciation is $16,770 on the equipment. 3. Interest of $11,510 is accrued on notes payable at November 30. Other data: 1. Salaries expense is 70% selling and 30% administrative. 2. Rent expense and utilities expenses are 80% selling and 20% administrative. 3. $30,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative.

Answer 1

Sunland Fasion Center Adjusting Enteries Date Particulars 30.11.2020 Supplies expense Supplies (Supplies used) Debit in $ Credit in $ 4000 4000 16770 30.11.2020 Depreciation Expense Accum. Depre. - Equip. (To record depreciation) 16770 11510 30.11.2020 Interest Expense Interest Payable (Interest accrued) 11510 Adjusted Trial Balance For the period ending 30.11.2020 Post Closing Particulars Debit in $ Credit in $ Debit in $ Credit in $ Cash 33240 33240 Accounts Receivable 37060 37060 Inventory 48360 48360 Supplies 4860 4860 Equipment 139720 139720 Accum. Depre. - Equip. 43130 43130 Interest Payable 11510 11510 Notes Payable 54360 54360 Accounts Payable 51860 51860 Common Stock 93360 93360 Retained Earnings 11360 9020 Sales Revenue 765100 Sales Returns and Allowances 4200 Cost of goods sold 495400 Salaries and Wages Expense 138520 Advertising Expense 27580 Utilities Expense 15480 Maintenance and Repairs Expense 12100 Delivery Expense 16700 Rent Expense 25180 Supplies expense 4000 Depreciation Expense 16770 Interest Expense 11510 Totals 1030680 1030680 263240 263240 765100 -4200 760900 -495400 265500 Statement of Income For the period ending 30.11.2020 Sales Revenue Sales Returns and Allowances Net Sales Cost of goods sold Gross Margin Selling Expenses: Salaries and Wages Expense Advertising Expense Utilities Expense Delivery Expense Rent Expense Supplies expense 96964 27580 12384 16700 20144 4000 177772 Statement of Retained Earnings For the period ending 30.11.2020 Beginning Balance Net Loss 41556 11360 -2340 3096 12100 9020 Administrative Expense: Salaries and Wages Expense Utilities Expense Maintenance and Repairs Exper Rent Expense Depreciation Expense Interest Expense Net Loss 5036 16770 11510 90068 -2340

Balancesheet As at 30.11.2020 Assets Current Assets Cash Accounts Receivable Inventory Supplies 33240 37060 48360 4860 123520 139720 Non Current Assets Equipment Accum. Depre. - Equip. Total Assets -43130 96590 220110 Liabilites & Equity Current Liabilities Accounts Payable Interest Payable Notes Payable 51860 11510 30000 93370 Non Current Liabilities Notes Payable 24360 Shareholders Equity Common Stock Retained Earnings Total Liabilites & Equity 93360 9020 102380 220110

Debit in $ Credit in $ 767440 Closing Enteries Date Particulars 30.11.2020 Income Summary Sales Returns and Allowances Cost of goods sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Delivery Expense Rent Expense Supplies expense Depreciation Expense Interest Expense (Expense accounts closed) 4200 495400 138520 27580 15480 12100 16700 25180 4000 16770 11510 765100 30.11.2020 Sales Revenue Income Summary (Revenue accounts closed) 765100 2340 30.11.2020 Retained Earnings Income Summary (Loss transferred) 2340