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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. List all debit entries before credit entries.)

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. List all debit entries before credit entries.)

FINANCIAL ACCOUNTING
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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The trial balance of Wildhorse Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Wildhorse Fashion Center Trial Balance November 30, 2025 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Debit $33,500 37,210 48,510 9,010 140,020 4,200 495,400 138,320 27,690 15,680 12,100 16,700 Credit $26,580 54,510 52,010 93,510 11,510 765,510
Transcribed Image Text:The trial balance of Wildhorse Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Wildhorse Fashion Center Trial Balance November 30, 2025 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Debit $33,500 37,210 48,510 9,010 140,020 4,200 495,400 138,320 27,690 15,680 12,100 16,700 Credit $26,580 54,510 52,010 93,510 11,510 765,510
Rent Expense Adjustment data: 1. Supplies on hand totaled $5,010. 2. 3. Other data: 1. 2. 3. 4. 25,290 $1,003,630 $1,003,630 Depreciation is $16,935 on the equipment. Interest of $11,120 is accrued on notes payable at November 30. Salaries expense is 70% selling and 30% administrative. Rent expense and utilities expenses are 80% selling and 20% administrative. $30,000 of notes payable are due for payment next year. Maintenance and repairs expense is 100% administrative. 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. List all debit entries before credit entries.)
Transcribed Image Text:Rent Expense Adjustment data: 1. Supplies on hand totaled $5,010. 2. 3. Other data: 1. 2. 3. 4. 25,290 $1,003,630 $1,003,630 Depreciation is $16,935 on the equipment. Interest of $11,120 is accrued on notes payable at November 30. Salaries expense is 70% selling and 30% administrative. Rent expense and utilities expenses are 80% selling and 20% administrative. $30,000 of notes payable are due for payment next year. Maintenance and repairs expense is 100% administrative. 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. List all debit entries before credit entries.)
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