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)