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

Determine the present value - annuity, Assume you are receiving an amount ...

Assume you are receiving an amount of Rs.5000 twice in a year for subsequent five years one time at the starting of the year and another amount of Rs. 5000 at the ending of the yea

What is staff benefit fund, Q. What is Staff Benefit Fund? This is a fu...

Q. What is Staff Benefit Fund? This is a fund intended to afford certain kinds of amenities and benefits to no gazetted staff as well as to gazetted officers of the Railway ove

Future rates of return, Assume your grandparents have just given you $20,00...

Assume your grandparents have just given you $20,000 on the condition that you invest the money in the stock market. As you contemplate making your investment choices, what account

Non-quantifiable factors to accept the proposal, Any non-quantifiable facto...

Any non-quantifiable factors you feel might influence the decision to accept the proposal. Net present value methods are merely assessments of factors that we can quantify. The

Explain the negative assurance, Q. Explain the Negative Assurance? Nega...

Q. Explain the Negative Assurance? Negative Assurance - Report issued by an ACCOUNTANT based on limited procedures which states that nothing has come to accountant's attention

Depreciation, what are methods of calculating depreciation?

what are methods of calculating depreciation?

Bank reconciliation statement, in bank reconciliation statement what are th...

in bank reconciliation statement what are the statement to be reconcile

How much would the income from operation, Materials used by Company X in pr...

Materials used by Company X in producing Division A's product are currently purchased from outside suppliers at a cost of $30 per unit. But the same materials are available from Di

Abbreviated cash budget, I need to know how to do a problem and whether I ...

I need to know how to do a problem and whether I am missing information.

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