Reference no: EM131569115

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:

Dorothy's Young Fashions Trial Balance July 31, 2015
	Debit	Credit
Cash	$13,350
Accounts Receivable	16,850
Merchandise Inventory	22,500
Store Supplies	2,750
Store Equipment	42,500
Accumulated Depreciation - Store Equipment		$9,000
Delivery Equipment	24,000
Accumulated Depreciation - Delivery Equipment		3,000
Notes Payable		25,500
Accounts Payable		24,250
Common Stock		45,000
Retained Rearnings		4,000
Sales		378,600
Sales Returns and Allowances	2,100
Cost of Goods Sold	248,700
Salaries Expense	70,000
Advertising Expense	13,200
Utilities Expense	7,000
Repair Expense	6,050
Delivery Expense	8,350
Rent Expense	12,000
	$489,350	$489,350

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