The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.
Problem (Part Level Submission)
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.
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BELLEMY 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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$33,380
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Accounts Receivable
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36,900
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Inventory
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48,200
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Supplies
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8,700
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Equipment
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139,400
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Accumulated Depreciation-Equipment
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$26,960
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Notes Payable
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54,200
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Accounts Payable
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51,700
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Common Stock
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93,200
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Retained Earnings
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11,200
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Sales Revenue
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765,080
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Sales Returns and Allowances
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4,200
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Cost of Goods Sold
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495,400
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Salaries and Wages Expense
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138,890
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Advertising Expense
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27,880
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Utilities Expenses
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15,110
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Maintenance and Repairs Expense
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12,100
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Delivery Expense
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16,700
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Rent Expense
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25,480
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Totals
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$1,002,340
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$1,002,340
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Adjustment data:
1. Supplies on hand totaled $4,700.
2. Depreciation is $17,220 on the equipment.
3. Interest of $15,370 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.