Question

*Problem 5-5A (Part Level Submission) The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company's fiscal year VALDEZ FASHION CENTER Trial Balance November 30, 2015 Debit Credit Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense $9,350 30,090 44,710 6,140 135,900 $29,470 50,000 44,340 54,240 41,150 12,130 755,900 8,970 497,400 139,900 24,260 13,740 11,670 16,770 24,070 Totals $975,100 $975,100 Adjustment data 1. Supplies on hand totaled $2,030 2. Depreciation is $11,400 on the equipment 3. Interest of $5,210 is accrued on notes payable at November 30 4. Inventory actually on hand is $44,410. trial balance on the Year Ended Retaned Eamings

Answer 1

VALDEZ FASHION CENTER Worksheet For the Year Ended November 30, 2015 Accounts Title Trial Balance Adjustments Adj. Trial Balance Balance Sheet Income Statement Dr. Cr Dr Cr. Dr Cr Dr. Cr Dr Cash Accounts receivable Invento Supplies Equipment Accum. Depreciation- Equipment Notes payable Accounts payable Common stock Retained Earnings Dividends Sales revenue Sales returns and allowances Cost of goods sold Salaries and Wages Expense Advertising expense Utilities expense Maintenance and Repairs expense Freight-out Rent Expense Total 9,350 30,090 44,710 6,140 135,900 9,350 30,090 44,410 2,030 135,900 9,350 30,090 44,410 2,030 135,900 4,110 40,870 50,000 44,340 54,240 41,150 29,470 50,000 44,340 54,240 41,150 11,400 40,870 50,000 44,340 54,240 41,150 12,130 12,130 12,130 755,900 755,900 755,900 8,970 497,700 139,900 24,260 13,740 11,670 16,770 24,070 8,970 497.700 139,900 24,260 13,740 11,670 16,770 24,070 8,970 497,400 139,900 24,260 13,740 11,670 16,770 24,070 975,100 300 975,100

Supplies expense Depreciation expense Interest expense Interest payable Totals Net Loss Totals 4,110 11,400 5,210 4,110 11,400 5,210 4,110 11,400 5,210 5,210 5,210 991,710 5,210 991,710 757,800 233,910 1,900 235,810 235,810 21,020 21,020 755,900 1,900 757,800 757,800 235,810 Working Notes: Supplies used (6,140 2,030 Inventory (44,710 44,410 Net Loss (757,800- 755,900 4,110 300 1,900