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.

Answered: Debit Credit Cash $33,590 Journalize…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

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 BALANCE
NOVEMBER 30, 2020
Your answer is correct.
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
9,070
No. Date Account Titles and Explanation
Debit
Credit
Nov.
Equipment
140.140
Supplies Expense
1.
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
Common Stock
93,570
Accumulated Depreciation-Equipment
16,980
Retained Earnings
11,570
Nov.
3.
Sales Revenue
765,660
Interest Expense
11.580
30
Sales Returns and Allowances
4,200
Interest Payable
11,580
Cost of Goods Sold
495,400
Salaries and Wages Expense
138,240
(b)
Advertising Expense
27,720
Utilities Expenses
15,760
Prepare an adjusted trial balance.
Cash
33590
Maintenance and Repairs Expense
12.100
Accounta Racahable
Delivery Expense
16,700
Rent Expense
Inventory
48570
25,320
$1.004,080
Credit
Suppiles
5070
Totals
s
$1,004,080
Equlpment
140140
Adjustment data:
Accumulated Depreclation-tqulpment
41420
1.
Supplies on hand totaled $5,070.
Notea Payable
54570
2.
Depreciation is $16,980 on the equipment.
deeounts Payatle
52070
3.
Interest of $11,580 is accrued on notes payable at November 30.
Interesi Payable
11580
Conmon Sock
970
Other data:
Retaihed Tarnings
11570
1.
Salaries expense is 70% selling and 30% administrative.
Sales Revenue
765660
2.
Rent expense and utilities expenses are 80% selling and 20% administrative.
Salss teurna and Allownc
4200
3.
$30,000 of notes payable are due for payment next year.
Cost of Goods Sold
495400
4.
Maintenance and repairs expense is 100% administrative.
Solaries and Wages Expense
138240
Advarthing bpene
27720
Uellles Expenses
15760
Mantenano and Repalre tpenie
12100
Delvery Espena
16700
Rent Experse
25320
Depreclation Expenee
16980
Intereet Epene
110
Supples Expene
4000
Total
203240
103240

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions