Question

The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.


Adjustment data:
1. Supplies on hand totaled $2,600.
2. Depreciation is $11,500 on the equipment.
3. Interest of $3,800 is accrued on notes payable at November 30.
4. Inventory actually on hand is $44,400.

Instructions
(a) Enter the trial balance on a worksheet, and complete the worksheet.
(b) Prepare a multiple-step income statement and an owner’s equity statement for the year, and a classified balance sheet as of November 30, 2017. Notes payable of $20,000 are due in January 2018.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trialbalance.


$1.99
Sales28
Views508
Comments0
  • CreatedMarch 02, 2015
  • Files Included
Post your question
5000