The trial balance of Waterway Fashion Center contained the following accounts at
ID: 2535954 • Letter: T
Question
The trial balance of Waterway Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
WATERWAY FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2017
Debit
Credit
$1,003,180
$1,003,180
Adjustment data:
Interest of $11,720 is accrued on notes payable at November 30.
Please Prepare an adjusted Trial Balances
WATERWAY FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2017
Debit
Credit
Cash $33,410 Accounts Receivable 37,150 Inventory 48,450 Supplies 8,950 Equipment 139,900 Accumulated Depreciation-Equipment $26,520 Notes Payable 54,450 Accounts Payable 51,950 Common Stock 93,450 Retained Earnings 11,450 Sales Revenue 765,360 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,400 Advertising Expense 27,660 Utilities Expenses 15,600 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,260 Totals$1,003,180
$1,003,180
Explanation / Answer
We have 3 adjustments here:-
Below is the answer
1.Add in the head of Supplies, Supplies on hand totaled $4,950. So the total Supplies will bcome 8,950+4950 =13900
2.Deduct the Dep amount of 16,890 from Total equipment 139,900 so the Equipment amount would be 123010.
and add the dep amount on Accumulated Depreciation of 16890 , and Show Debit amount for Depreciation amount of 16890
3.Interest of $11,720 is accrued on notes payable at November 30.Please do not include this amount in TB.
Please rearrange all the net amount with the above adjusted amount it ill become your Adjusted TB.
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