Please prepare a multiple-step income statement for the year, a retained earnings statement for the year, and classified balance sheet as of November 30, 2017 ORIOLE FASHION CENTER(a)TRIAL BALANCENOVEMBER 30, 2020Your answer is correct.DebitCreditCash$33,590Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If noentry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in theproblem.)Accounts Receivable37,270Inventory48,570Supplies9,070No. Date Account Titles and ExplanationDebitCreditNov.Equipment140.140Supplies Expense1.4,00030Accumulated Depreciation-Equipment$26,640Supplies4,000Notes Payable54,570Nov.Accounts Payable52.0702.Depreciation Expense16,98030Common Stock93,570Accumulated Depreciation-Equipment16,980Retained Earnings11,570Nov.3.Sales Revenue765,660Interest Expense11.58030Sales Returns and Allowances4,200Interest Payable11,580Cost of Goods Sold495,400Salaries and Wages Expense138,240(b)Advertising Expense27,720Utilities Expenses15,760Prepare an adjusted trial balance.Cash33590Maintenance and Repairs Expense12.100Accounta RacahableDelivery Expense16,700Rent ExpenseInventory4857025,320$1.004,080CreditSuppiles5070Totalss$1,004,080Equlpment140140Adjustment data:Accumulated Depreclation-tqulpment414201.Supplies on hand totaled $5,070.Notea Payable545702.Depreciation is $16,980 on the equipment.deeounts Payatle520703.Interest of $11,580 is accrued on notes payable at November 30.Interesi Payable11580Conmon Sock970Other data:Retaihed Tarnings115701.Salaries expense is 70% selling and 30% administrative.Sales Revenue7656602.Rent expense and utilities expenses are 80% selling and 20% administrative.Salss teurna and Allownc42003.$30,000 of notes payable are due for payment next year.Cost of Goods Sold4954004.Maintenance and repairs expense is 100% administrative.Solaries and Wages Expense138240Advarthing bpene27720Uellles Expenses15760Mantenano and Repalre tpenie12100Delvery Espena16700Rent Experse25320Depreclation Expenee16980Intereet Epene110Supples Expene4000Total203240103240

The question is based on the concept of Financial Accounting.

Debit Credit Cash $33,590 Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Accounts Receivable 37,270 Inventory 48,570 Supplies No. Date Account Titles and Explanation Debit Credit 9,070 Nov. Equipment 140.140 1. Supplies Experse 4,000 30 Accumulated Depreciation-Equipment $26,640 Supplies 4,000 Notes Payable 54,570 Nov. Accounts Payable 52,070 2. Depreciation Expense 16,980 30

Debit Credit Cash $33,590 Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Accounts Receivable 37,270 Inventory 48,570 Supplies No. Date Account Titles and Explanation Debit Credit 9,070 Nov. Equipment 140.140 1. Supplies Experse 4,000 30 Accumulated Depreciation-Equipment $26,640 Supplies 4,000 Notes Payable 54,570 Nov. Accounts Payable 52,070 2. Depreciation Expense 16,980 30

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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