Problem 5-3A

Big Box Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the companys fiscal year on November 30, 2017, the following accounts appeared in two of its trial balances.

		Unadjusted		Adjusted				Unadjusted		Adjusted
Accounts Payable		$ 25,200		$ 25,200		Notes payable		$35,500		$35,500
Accounts Receivable		30,500		30,500		Owners Capital		90,200		90,200
Accumulated Depr.Equipment		33,000		44,000		Owners Drawings		9,500		9,500
Cash		26,000		26,000		Prepaid Insurance		10,900		3,500
Cost of Goods Sold		508,500		508,500		Property Tax Expense				2,500
Freight-Out		5,500		5,500		Property Taxes Payable				2,500
Equipment		145,500		145,500		Rent Expenses		15,000		15,000
Depreciation Expense				11,000		Salaries and Wages Expense		96,000		96,000
Insurance Expense				7,400		Sales Revenue		720,000		720,000
Interest Expense		6,100		6,100		Sales Commissions Expense		6,500		11,000
Interest Revenue		2,100		2,100		Sales Commissions Payable				4,500
Inventory		29,500		29,500		Sales Returns and Allowances		8,000		8,000
						Utilities Expense		8,500		8,500