work sheet, Financial Accounting

Assignment Help:
Q : The Trial Balance of Dephane Main Fashion Center contained the following accounts at November, 30 the end of the company fiscal year.

Dephane Main Fashion Center

Trial Balance

November 30, 2007

Debit ($) Credit ($)

Cash 26700

Accounts Receivables 33700

Merchandise Inventory 45000

Store Supplies 5500

Store Equipment 85000

Accumulated Depreciation-Store

Equipment 18000

Delivery Equipment 48000

Accumulated Depreciation-

Delivery Equipment 6000

Notes Payable 51000

Accounts Payable 48500

Common Stock 90000

Retained Earnings 8000

Sales 757200

Sales Return and allowances 4200

Cost of Goods Sold 497400

Salary Expenses 140000

Advertising Expenses 26400

Utilities Expenses 14000

Repair Expenses 12100

Delivery Expenses 16700

Rent Expenses 24000

Adjustment Data:

I. Store supplies on hand totaled $3500.

II. Depreciation is $9000 on store equipment, and $7000 on the delivery equipment.

III. Interest of $11000 is accrued on notes payable at November 30th.

Other Data:

a. Salary Expenses is 70 % selling and 30% is advertisement.

b. Rent Expenses and Utilities expense are 80% selling and 20% administrative.

c. $30000 of notes payable are due for payment next year.

d. Repair Expenses is 100% administrative.

Instructions:

1. Journalize the adjusting entries. (10 marks)

2. Prepare an adjusted trial balance. (5 marks)

3. Prepare a 10 column worksheet. (10 marks)

4. Prepare retained earnings statement. (5 marks)

5. Prepare post closing trial balance. (10 marks)

Related Discussions:- work sheet

Find out the constant nominal interest rate, You decide to invest 1000 in a...

You decide to invest 1000 in a 5-year Treasury Inflation protected bond that each year offers a return of -1.5% plus the rate of inflation. You assume 1-year inflation rates over t

Capita expenditure and revenue expenditure, The company selected a suitable...

The company selected a suitable site and commissioned a survey and valuation report, for which the fee was £1,500. On the basis of the report the site was acquired for £90,000. Sol

Schedule of cost of goods, The following information was taken from the led...

The following information was taken from the ledger of Jefferson Industries, Inc.: Direct labor $85,000 Administrative expenses $59,0

Difference between a static budget and a flexible budget, XYZ Enterprises m...

XYZ Enterprises manufactures tires for the Formula One motor racing circuit. For August 2011, XYZ budgeted to manufacture and sell 3,000 tires at a variable cost of $74 per tire an

International financial reporting standards and gaap, Alta Velocidad Espera...

Alta Velocidad Esperanza de L'Argentina, Sociedad Anónima (AVE), a high-speed railway operator domiciled in Rio Norte, Argentina, is a Foreign Private Issuer as defined by the U.S.

Consolidating Accounting, I have an assignment in consolidation accounting ...

I have an assignment in consolidation accounting and would like to know if you can assist me in doing the assignment for me. I am doing BA in Accounting . Please let me know. Re

What do you understand by exempt organization, Q. What do you understand by...

Q. What do you understand by Exempt Organization? Exempt Organization - Organization that is normally exempt from paying federal income tax. Exempt organizations comprise relig

How to determine the depreciation, How to determine the depreciation To...

How to determine the depreciation To determine depreciation in straight-line method, take cost of the asset, less the trade-in value, and divide by the estimated years of usefu

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd