**Novak Fashion Center Trial Balance Overview****Date:** November 30, 2025This trial balance outlines the financial position of Novak Fashion Center as of November 30, 2025, marking the end of the company's fiscal year. The document provides a detailed account of the organization's debits and credits, ensuring that both sides balance.**Trial Balance Summary:**- **Debits:** - Cash: $33,780 - Accounts Receivable: $37,420 - Inventory: $48,720 - Supplies: $9,220 - Equipment: $140,440 - Sales Returns and Allowances: $4,200 - Cost of Goods Sold: $495,400 - Salaries and Wages Expense: $138,040 - Advertising Expense: $27,760 - Utilities Expenses: $15,960 - Maintenance and Repairs Expense: $12,100 - Delivery Expense: $16,700 - Rent Expense: $25,360- **Credits:** - Accumulated Depreciation-Equipment: $26,720 - Notes Payable: $54,720 - Accounts Payable: $52,220 - Common Stock: $93,720 - Retained Earnings: $11,720 - Sales Revenue: $766,000- **Totals:** - Debits: $1,005,100 - Credits: $1,005,100**Adjustment Data:**1. Supplies on hand totaled $5,220.2. Depreciation is $17,040 on the equipment.3. Interest of $12,030 is accrued on notes payable on November 30.**Additional Information:**1. Salaries expense is allocated as 70% selling and 30% administrative.2. Rent expense and utilities expenses are divided into 80% selling and 20% administrative.3. $30,000 of notes payable are due for payment next year.4. Maintenance and repairs expense is entirely administrative.5. Depreciation expense is exclusively selling.Adjustments and categorizations are crucial for accurate financial reporting, affecting both the income statement and balance sheet presentations. **Adjusted Trial Balance for Novak Fashion Center - November 30, 2025**The adjusted trial balance for Novak Fashion Center is prepared to ensure that total debits equal total credits after adjustments. Below is a list of accounts included in the trial balance with columns for debit and credit amounts:1. **Cash**2. **Accounts Receivable**3. **Inventory**4. **Supplies**5. **Equipment**6. **Accumulated Depreciation - Equipment**7. **Notes Payable**8. **Accounts Payable**9. **Common Stock**10. **Retained Earnings**11. **Sales Revenue**12. **Sales Returns and Allowances**13. **Cost of Goods Sold**14. **Salaries and Wages Expense**15. **Advertising Expense**16. **Utilities Expenses**17. **Maintenance and Repairs Expense**18. **Interest Expense**19. **Depreciation Expense**20. **Delivery Expense**21. **Rent Expense**Each account has corresponding blank spaces for the debit and credit amounts. At the bottom, there are totals for both debit and credit columns, which should match once all adjustments are accurately entered.

The adjusting entries are only required to be made only when there is some of the transactions which…

Prepare an adjusted trial balance. 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 Interest Expense Depreciation Expense Delivery Expense Rent Expense NOVAK FASHION CENTER Adjusted Trial Balance November 30, 2025 $ Debit $ Cre ...

Prepare an adjusted trial balance. 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 Interest Expense Depreciation Expense Delivery Expense Rent Expense NOVAK FASHION CENTER Adjusted Trial Balance November 30, 2025 $ Debit $ Cre ...

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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В E H. 1 Use the following adjusted trial balance and additional information to complete the requirements: Company XYZ Adjusted Trial Balance December 31, 2020 4. 19,200 51,000 6. Cash Merchandise Inventory Store Supplies Equipment 10 Accumulated depreciation, equipment Accounts payable Salaries payable Claire Smith, Capital 7 8. 950 6. 43,500 15,400 8,950 1,200 68,000 11 12 13 14 Claire Smith, Withdrawals 7,000 15 Interest Income 400 16 Sales 326,000 Sales Discounts 6,100 4,000 150,000 3,850 1,600 28,300 29,800 13,500 27,000 5,750 17 18 Sales Returns and Allowances 19 Cost of Goods Sold 20 Depreciation expense, store equipment 21 Depreciation expense, office equipment 22 Sales salaries expense Office salaries expense 23 24 Insurance expense Rent expense (70% is store, 30% is office) Store supplies expense 27 Advertising expense 25 26 28,400 419,950 28 Totals 419,950 29
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