Accounting Cycle Steps Preparation Data Sheet
The trial balance of Dorothy's Young Fashions contained the following account balances on July 31, 2015, the end of the company's fiscal year:
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Dorothy's Young Fashions Trial Balance July 31, 2015
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Debit
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Credit
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Cash
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$13,350
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|
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Accounts Receivable
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16,850
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|
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Merchandise Inventory
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22,500
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Store Supplies
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2,750
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Store Equipment
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42,500
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Accumulated Depreciation - Store Equipment
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$9,000
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Delivery Equipment
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24,000
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Accumulated Depreciation - Delivery Equipment
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3,000
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Notes Payable
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25,500
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Accounts Payable
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24,250
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Common Stock
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45,000
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Retained Rearnings
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4,000
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Sales
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378,600
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Sales Returns and Allowances
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2,100
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Cost of Goods Sold
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248,700
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Salaries Expense
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70,000
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Advertising Expense
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13,200
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Utilities Expense
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7,000
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Repair Expense
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6,050
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Delivery Expense
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8,350
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Rent Expense
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12,000
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$489,350
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$489,350
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Adjusting Information -
a) Stores Supplies on hand totaled $1,750.
b) Depreciation was $4,500 on the Store Equipment and $3,500 on the Delivery Equipment.
c) Interest of $5,500 is accrued on Notes Payable at July 31, 2015.
Additional Information
a) Salaries Expense is 70% selling expense and 30% administrative expense.
b) Rent Expense and Utilities Expense are allocated 80% to selling expenses and 20% to administrative expenses.
c) $15,000 of the Notes Payable will be due for payment during the next year.
d) Repair Expense is 100% administrative.
Required -
Part 1: Adjusting Entries
Part 2: Adjusted Trial Balance Income
Part 3: Multiple Step Income Statement
Part 4: Closing Entries
Part 5: Post-closing Trial Balance
Attachment:- Assignment.rar