Reference no: EM132316013
Assignment - Principles of Financial Accounting Project
The trial balance of New Fashion Center contained the following accounts at June 30, 2016, the end of the company's fiscal year.
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New Fashion Center Trial Balance June 30, 2016
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Debit
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Credit
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Cash
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$25,400
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|
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Accounts Receivable
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19,200
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|
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Allowance for Doubtful Accounts
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$ 1,700
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Notes Receivable
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14,500
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Merchandise Inventory
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41,400
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Store Supplies
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9,100
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Prepaid Insurance
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11,500
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Store Equipment
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85,000
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Accumulated Depreciation - Store Equipment
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18,000
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Delivery Equipment
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48,000
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Accumulated Depreciation - Delivery Equipment
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6,000
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Notes Payable
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55,000
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Accounts Payable
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44,500
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Share Capital - Ordinary
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95,000
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Retained Earnings
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35,500
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Dividends
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24,300
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Sales
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761,100
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Sales Returns and Allowances
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5,200
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Cost of Goods Sold
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488,000
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Salaries Expense
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148,000
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Advertising Expense
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26,400
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|
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Utilities Expense
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14,000
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Repair 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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28,000
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$1,016,800
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$1,016,800
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Required -
1- Prepare the adjusting entries for these accounts:
- Store supplies
- Depreciation
- Allowance for doubtful accounts
- Note receivable
- Note payable
- Salaries expense
- Insurance Expense
- COGS
You need to set your own numbers in order to adjust the accounts. These numbers should be in consistency with your trial balance.
2- Post the adjusting entries to the ledger.
3- Prepare an adjusted trial balance.
4- Prepare the worksheet.
5- Prepare financial statements.
6- Journalize and post the closing entries.
7- Prepare a post-closing trial balance.