Presented below is the December 31 trial balance of New York Boutique. NEW YORK BOUTIQUE TRIAL BALANCE DECEMBER 31     Debit   Credit Cash   $18,290     Accounts Receivable   40,800     Allowance for Doubtful Accounts       $740 Inventory, December 31   83,150     Prepaid Insurance   6,920     Equipment   91,000     Accumulated Depreciation—Equipment       32,950 Notes Payable       28,710 Common Stock       82,710 Retained Earnings       10,870 Sales Revenue       645,350 Cost of Goods Sold   422,960     Salaries and Wages Expense (sales)   51,900     Advertising Expense   6,900     Salaries and Wages Expense (administrative)   73,110     Supplies Expense   6,300         $801,330   $801,330         Construct T-accounts and enter the balances shown.   Cash Bal.   Bal.   Inventory Bal.   Bal.   Prepaid Insurance Bal.   Bal.   Common Stock Bal.   Bal.   Salaries and Wages Expense Bal.   Bal.   Retained Earnings Bal.   Bal.   Accounts Receivable Bal.   Bal.   Equipment Bal.   Bal.   Notes Payable Bal.   Bal.   Sales Revenue Bal.   Bal.   Advertising Expense Bal.   Bal.   Supplies Expense Bal.   Bal.   Cost of Goods Sold Bal.   Bal.   Allow. for Doubtful Accts. Bal.   Bal.   Accum. Depr.—Equipment Bal.   Bal.

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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Presented below is the December 31 trial balance of New York Boutique.

NEW YORK BOUTIQUE
TRIAL BALANCE
DECEMBER 31

   

Debit

 

Credit

Cash   $18,290    
Accounts Receivable   40,800    
Allowance for Doubtful Accounts       $740
Inventory, December 31   83,150    
Prepaid Insurance   6,920    
Equipment   91,000    
Accumulated Depreciation—Equipment       32,950
Notes Payable       28,710
Common Stock       82,710
Retained Earnings       10,870
Sales Revenue       645,350
Cost of Goods Sold   422,960    
Salaries and Wages Expense (sales)   51,900    
Advertising Expense   6,900    
Salaries and Wages Expense (administrative)   73,110    
Supplies Expense   6,300    
   

$801,330

 

$801,330

 
 
 
 


Construct T-accounts and enter the balances shown.

 

Cash

Bal.

 

Bal.

 

Inventory

Bal.

 

Bal.

 

Prepaid Insurance

Bal.

 

Bal.

 

Common Stock

Bal.

 

Bal.

 

Salaries and Wages Expense

Bal.

 

Bal.

 

Retained Earnings

Bal.

 

Bal.

 

Accounts Receivable

Bal.

 

Bal.

 

Equipment

Bal.

 

Bal.

 

Notes Payable

Bal.

 

Bal.

 

Sales Revenue

Bal.

 

Bal.

 

Advertising Expense

Bal.

 

Bal.

 

Supplies Expense

Bal.

 

Bal.

 

Cost of Goods Sold

Bal.

 

Bal.

 

Allow. for Doubtful Accts.

Bal.

 

Bal.

 

Accum. Depr.—Equipment

Bal.

 

Bal.

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