Problem- The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.
BELLEMY FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2012 |
| |
Debit |
Credit |
| Cash |
|
$33,660 |
| Accounts Receivable |
|
36,960 |
| Inventory |
|
48,260 |
| Supplies |
|
8,760 |
| Equipment |
|
139,520 |
| Accumulated Depreciation-Equipment |
|
$27,400 |
| Notes Payable |
|
54,260 |
| Accounts Payable |
|
51,760 |
| Common Stock |
|
93,260 |
| Retained Earnings |
|
11,260 |
| Sales Revenue |
|
765,420 |
| Sales Returns and Allowances |
|
4,200 |
| Cost of Goods Sold |
|
495,400 |
| Salaries and Wages Expense |
|
138,660 |
| Advertising Expense |
|
28,100 |
| Utilities Expenses |
|
15,340 |
| Maintenance and Repairs Expense |
|
12,100 |
| Freight-out |
|
16,700 |
| Rent Expense |
|
25,700 |
|
| |
$1,003,360 |
$1,003,360 |
Adjustment data:
1. Supplies on hand totaled $4,760.
2. Depreciation is $17,550 on the equipment.
3. Interest of $14,800 is accrued on notes payable at November 30.
Other data:.
1. Salaries expense is 70% selling and 30% administrative.
2. Rent expense and utilities expense 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.
(a) Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)