Problem 5-5A (Part Level Submission) The trial balance of Valdez Fashion Center
ID: 2552952 • Letter: P
Question
Problem 5-5A (Part Level Submission) The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company's fiscal year VALDEZ FASHION CENTER Trial Balance November 30, 2017 Debit Credit Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense 8,700 30,700 44,700 6,200 133,000 $ 28,000 51,000 48,500 50,000 40,000 12,000 755,200 8,800 497,400 140,000 24,400 14,000 12,100 16,700 24,000 Totals $972,700 $972,700 Adjustment data 1. Supplies on hand totaled $2,000 2. Depreciation is $11,500 on the equi 3. Interest of $4,000 is accrued on notes payable at November 30 4. Inventory actually on hand is $44,400Explanation / Answer
Unadjusted trial balance
Adjustment
Adjusted trial balance
Income statement
Balance sheet
dr
cr
Dr
Cr
Dr
Cr
Dr
Cr
Dr
Cr
cash
8700
8700
8700
A/R
30700
30700
30700
Inventory
44700
300
44400
44700
supplies
6200
4200
2000
2000
equipment
133000
133000
133000
Accumulated depreication
28000
11500
39500
39500
accounts payable
51000
51000
51000
notes payable
48500
48500
48500
common stock
50000
50000
50000
retained earnings
40000
40000
40000
dividend
12000
12000
12000
sales revenue
755200
755200
755200
sales return and allowance
8800
8800
8800
cost of goods sold
497400
300
497700
497700
salaries and wages expense
140000
140000
140000
advertising expense
24400
24400
24400
utitlities expense
14000
14000
14000
repair expense
12100
12100
12100
freight out expense
16700
16700
16700
rent expense
24000
24000
24000
total
972700
972700
supplies expense
4200
4200
4200
depreciation expense
11500
11500
11500
interest expense
4000
4000
4000
interest payable
4000
4000
4000
total
988200
988200
757400
755200
net loss
2200
2200
total
757400
757400
233300
233000
Unadjusted trial balance
Adjustment
Adjusted trial balance
Income statement
Balance sheet
dr
cr
Dr
Cr
Dr
Cr
Dr
Cr
Dr
Cr
cash
8700
8700
8700
A/R
30700
30700
30700
Inventory
44700
300
44400
44700
supplies
6200
4200
2000
2000
equipment
133000
133000
133000
Accumulated depreication
28000
11500
39500
39500
accounts payable
51000
51000
51000
notes payable
48500
48500
48500
common stock
50000
50000
50000
retained earnings
40000
40000
40000
dividend
12000
12000
12000
sales revenue
755200
755200
755200
sales return and allowance
8800
8800
8800
cost of goods sold
497400
300
497700
497700
salaries and wages expense
140000
140000
140000
advertising expense
24400
24400
24400
utitlities expense
14000
14000
14000
repair expense
12100
12100
12100
freight out expense
16700
16700
16700
rent expense
24000
24000
24000
total
972700
972700
supplies expense
4200
4200
4200
depreciation expense
11500
11500
11500
interest expense
4000
4000
4000
interest payable
4000
4000
4000
total
988200
988200
757400
755200
net loss
2200
2200
total
757400
757400
233300
233000
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