PLEASE ANSWER FULL QUESTION.
The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
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VALDEZ FASHION CENTER
Trial Balance
November 30, 2014
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Debit
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Credit
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Cash
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$ 8,130
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Accounts Receivable
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30,660
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Inventory
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42,090
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Supplies
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6,060
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Equipment
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134,000
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Accumulated Depreciation—Equipment
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$ 28,020
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Notes Payable
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51,000
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Accounts Payable
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45,210
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Owner’s Capital
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91,450
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Owner’s Drawings
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13,570
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Sales Revenue
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755,800
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Sales Returns and Allowances
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8,850
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Cost of Goods Sold
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497,400
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Salaries and Wages Expense
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139,900
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Advertising Expense
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24,400
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Utilities Expense
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13,780
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Maintenance and Repairs Expense
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12,140
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Freight-out
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16,690
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Rent Expense
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23,810
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Totals
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$971,480
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$971,480
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Adjustment data:
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1.
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Supplies on hand totaled $2,080.
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2.
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Depreciation is $11,300 on the equipment.
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3.
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Interest of $5,050 is accrued on notes payable at November 30.
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4.
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Inventory actually on hand is $41,590.
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VALDEZ FASHION CENTER
Worksheet
For the Year Ended November 30, 2014
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Account Titles
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Trial Balance
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Adjustments
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Adj. Trial Balance
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Income Statement
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Balance Sheet
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Dr.
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Cr.
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Dr.
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Cr.
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Dr.
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Cr.
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Dr.
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Cr.
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Dr.
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Cr.
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Cash
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8,130
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Accounts Receivable
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30,660
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Inventory
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42,090
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Supplies
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6,060
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Equipment
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134,000
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Accum. Depreciation—Equipment
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28,020
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Notes Payable
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51,000
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Accounts Payable
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45,210
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Owner’s Capital
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91,450
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Owner’s Drawings
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13,570
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Sales Revenue
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755,800
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Sales Returns and Allowances
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8,850
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Cost of Goods Sold
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497,400
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Salaries and Wages Expense
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139,900
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Advertising Expense
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24,400
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Utilities Expense
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13,780
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Maintenance and Repairs Expense
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12,140
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Freight-out
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16,690
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Rent Expense
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23,810
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Totals
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971,480
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971,480
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Supplies Expense
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Depreciation Expense
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Interest Expense
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Interest Payable
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Totals
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Net Loss
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Totals
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VALDEZ FASHION CENTER
Income Statement
For the Year Ended November 30, 2014
VALDEZ FASHION CENTER
Owner's Equity Statement
For the Year Ended November 30, 2014
Prepare a classified balance sheet as of November 30, 2014. Notes payable of $19,890 are due in January 2015. (List current assets in order of liquidity.)
Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
No.
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|
1.
|
Nov. 30
|
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|
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(To adjust supplies expense.)
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2.
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Nov. 30
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(To adjust depreciation on equipment.)
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3.
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Nov. 30
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(To adjust interest expense.)
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4.
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Nov. 30
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(To adjust merchandise inventory.)
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Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|
Nov. 30
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(To close accounts with credit balances.)
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Nov. 30
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(To close accounts with debit balances.)
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Nov. 30
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(To close net income / (loss).)
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Nov. 30
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(To close drawings.)
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Prepare a post-closing trial balance.
|
VALDEZ FASHION CENTER
Post-Closing Trial Balance
November 30, 2014
|
| |
Debit
|
Credit
|
|
|
$
|
$
|
| |
$
|
$
|