VALDEZ FASHION CENTER
Trial Balance
November 30, 2014

Debit

Credit

Cash

$ 8,240

Accounts Receivable

30,700

Inventory

45,050

Supplies

6,150

Equipment

131,500

Accumulated Depreciation—Equipment

$ 27,620

Notes Payable

52,000

Accounts Payable

44,490

Owner’s Capital

90,660

Owner’s Drawings

13,030

Sales Revenue

755,800

Sales Returns and Allowances

8,840

Cost of Goods Sold

497,300

Salaries and Wages Expense

139,500

Advertising Expense

24,080

Utilities Expense

13,730

Maintenance and Repairs Expense

12,080

Freight-out

16,730

Rent Expense

23,640

  Totals

$970,570

$970,570

1.

Supplies on hand totaled $2,230.

2.

Depreciation is $11,200 on the equipment.

3.

Interest of $5,580 is accrued on notes payable at November 30.

4.

Inventory actually on hand is $44,850.

VALDEZ FASHION CENTER
Worksheet
For the Year Ended November 30, 2014

Account Titles

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

8,240

Accounts Receivable

30,700

Inventory

45,050

Supplies

6,150

Equipment

131,500

Accum. Depreciation—Equipment

27,620

Notes Payable

52,000

Accounts Payable

44,490

Owner’s Capital

90,660

Owner’s Drawings

13,030

Sales Revenue

755,800

Sales Returns and Allowances

8,840

Cost of Goods Sold

497,300

Salaries and Wages Expense

139,500

Advertising Expense

24,080

Utilities Expense

13,730

Maintenance and Repairs Expense

12,080

Freight-out

16,730

Rent Expense

23,640

   Totals

970,570

970,570

Supplies Expense

Depreciation Expense

Interest Expense

Interest Payable

   Totals

Net Loss

   Totals