Problem 3-4 The trial balance of Teal Fashion Center contained the following acc

Question

Problem 3-4 The trial balance of Teal Fashion Center contained the following accounts at November 30, the end of the company's fiscal year TEAL FASHBON $33,410 Accounts Receivabl Buppliea 39,900 $26,520 54,450 Notes Payabla Acoounts Payable Retained Eamings Salea Fwenue Sales Returns and Allowances 03,450 1,450 765360 t of Goods Sold Salaries and Waes Expense Advertising Expense lts Expensas Maintenance and Repairs Expense Dewery Expense Rent Expense 4,200 495,400 138,400 27,800 15,600 12,100 16,700 Adjustment data 1. Supples on hand totaled $4,950 2. Depreciation #1 6800 on the equipment. 3. Interest of $11,720 is aocrued on notes payable at Nowember a0 Other data 2. 3. 4. Rent expense and uclities expenses are 80% selling and 20% adrinistrative. $30,000 of notes payable are due for payment next year Maintenance and repara espensù ia 1 00% administratie

Explanation / Answer

Teal Fashion Center Post Closing Trial Balance November 30, 2017 Particulars Debit Credit Cash $33,410 Accounts Receivable $37,150 Inventory $48,450 Supplies $4,950 Equipment $139,900 Accumulated Depreciation-Equipment $43,410 Notes Payable $54,450 Interest payable $11,720 Accounts payable $51,950 Common Stock $93,450 Retained Earnings $8,880 $263,860 $263,860 Notes: Accumulated depreciation include depreciation expense of $16890 Retained earnings include loss of $2570

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