Cashi Accounts Receivable Merchandise Inventory Store Supplies Store Equipment Accumulated Depr - Store Equipment Delivery Equipment...

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Cashi Accounts Receivable Merchandise Inventory Store Supplies Store Equipment Accumulated Depr - Store Equipment Delivery Equipment Accumulated Depreciation Delivery Equip Notes Payable Accounts Payable Tammy, Capital Tammy, Drawing Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense Totals Expenses Type Salaries Expense Rent Expense Utilities Expenses Repairs Expense Account titles Salaries Expense Stores supplies on hand Depreciation - Stores Equipment. Depreciation - Delivery Equipment Notes payable dated October 1 is a one year note and carries interest @ 12%. Merchandise Inventory physically on hand Rent Expense Tammy allocates expenses on following basis (Table 2): TABLE 2 Utilities Expenses Repairs Expense The trial balance of Tammy Fashion Center as at November 30, the end of the company's fiscal year is attached. Following is the adjustment data (Table 1): TABLE 1 Account Title Notes Payable Allocated Selling and Administrative Expenses Expenses Selling Expenses Type Interest Payable Interest Expense Dr. 70% 80% Merchandise Inventory Cost of Goods Sold Trial Balance 80% $39,440 39.340 0% 56,140 7,440 92.000 57,600 14,400 10.560 602,880 170,000 30,280 16,800 14,520 20,040 29.800 $1,201,240 30% 20% Cr. Selling Expenses Administrative Expenses 20% INSTRUCTIONS: 1. You are required to calculate adjusted balances after considering data in Table 1 and then allocate expenses between selling and administrative expenses using data in Table 2. $26,400 100% 7,200 56.200 53,200 142,000 916,240 $1,201,240 $3,000 10,800 2. What will be balance in following selected accounts after recording adjusting entries based on data provided in Table 1. Adjusted Balance 6,000 53,200 Administrative Expenses * Cashi Accounts Receivable Merchandise Inventory Store Supplies Store Equipment Accumulated Depr - Store Equipment Delivery Equipment Accumulated Depreciation Delivery Equip Notes Payable Accounts Payable Tammy, Capital Tammy, Drawing Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense Totals Expenses Type Salaries Expense Rent Expense Utilities Expenses Repairs Expense Account titles Salaries Expense Stores supplies on hand Depreciation - Stores Equipment. Depreciation - Delivery Equipment Notes payable dated October 1 is a one year note and carries interest @ 12%. Merchandise Inventory physically on hand Rent Expense Tammy allocates expenses on following basis (Table 2): TABLE 2 Utilities Expenses Repairs Expense The trial balance of Tammy Fashion Center as at November 30, the end of the company's fiscal year is attached. Following is the adjustment data (Table 1): TABLE 1 Account Title Notes Payable Allocated Selling and Administrative Expenses Expenses Selling Expenses Type Interest Payable Interest Expense Dr. 70% 80% Merchandise Inventory Cost of Goods Sold Trial Balance 80% $39,440 39.340 0% 56,140 7,440 92.000 57,600 14,400 10.560 602,880 170,000 30,280 16,800 14,520 20,040 29.800 $1,201,240 30% 20% Cr. Selling Expenses Administrative Expenses 20% INSTRUCTIONS: 1. You are required to calculate adjusted balances after considering data in Table 1 and then allocate expenses between selling and administrative expenses using data in Table 2. $26,400 100% 7,200 56.200 53,200 142,000 916,240 $1,201,240 $3,000 10,800 2. What will be balance in following selected accounts after recording adjusting entries based on data provided in Table 1. Adjusted Balance 6,000 53,200 Administrative Expenses *

Answer rating: 100% (QA)

ANSWER To calculate the adjusted balances we need to apply the adjustments provided in Table 1 to th... View the full answer