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can uou help wit the worksheet in the picture wit the given information The fiscal period is one month. Merchandise Inventory at November 30 is $265 000. Supplies on hand November 30 are valued at $11 400. Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar.   $450 interest is owed on the bank loan. $1300 is owed to employees.

can uou help wit the worksheet in the picture wit the given information The fiscal period is one month. Merchandise Inventory at November 30 is $265 000. Supplies on hand November 30 are valued at $11 400. Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar.   $450 interest is owed on the bank loan. $1300 is owed to employees.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.2.2MBA
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can uou help wit the worksheet in the picture wit the given information

  • The fiscal period is one month.
  • Merchandise Inventory at November 30 is $265 000.
  • Supplies on hand November 30 are valued at $11 400.
  • Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar.  
  • $450 interest is owed on the bank loan.
  • $1300 is owed to employees.
Trial Balance Adjustments Income Statement Balance Sheet Account No. Debit Credit Debit Credit Debit Credit Debit Credit Cash 13,000 Accounts Receivable 30,000 Merchandise Inventory 300.000 Supplies 15,000 Equipment 50.000 Accumulated Depreciation - Equipment Accounts Payable 21.600 59.000 HST Payable 28,000 HST Refundable 12,350 Bank Loan 58,000 B. Swenson, Capital 281,000 B. Swenson, Drawings 10,000 Sales 220,000 Sales Returns and Allowances 3,000 Sales Discounts 1,000 Purchases 95,000 Purchase Returns and Allowances 5,050 Purchase Discounts 1,600 Transportation In 2,000 Salaries Expense 56,000 Rent Expense 12,000 Advertising Expense 20,000 Office Expense 15,000 Sales Expense 39,000 Interest Expense 900 674,250 674,250
Transcribed Image Text:Trial Balance Adjustments Income Statement Balance Sheet Account No. Debit Credit Debit Credit Debit Credit Debit Credit Cash 13,000 Accounts Receivable 30,000 Merchandise Inventory 300.000 Supplies 15,000 Equipment 50.000 Accumulated Depreciation - Equipment Accounts Payable 21.600 59.000 HST Payable 28,000 HST Refundable 12,350 Bank Loan 58,000 B. Swenson, Capital 281,000 B. Swenson, Drawings 10,000 Sales 220,000 Sales Returns and Allowances 3,000 Sales Discounts 1,000 Purchases 95,000 Purchase Returns and Allowances 5,050 Purchase Discounts 1,600 Transportation In 2,000 Salaries Expense 56,000 Rent Expense 12,000 Advertising Expense 20,000 Office Expense 15,000 Sales Expense 39,000 Interest Expense 900 674,250 674,250
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