Unit 4 Wily Help

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The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.

BELLEMY FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2012
	Debit	Credit
Cash	$33,580
Accounts Receivable	37,370
Inventory	48,670
Supplies	9,170
Equipment	140,340
Accumulated Depreciation—Equipment		$26,420
Notes Payable		54,670
Accounts Payable		52,170
Common Stock		93,670
Retained Earnings		11,670
Sales Revenue		765,750
Sales Returns and Allowances	4,200
Cost of Goods Sold	495,400
Salaries and Wages Expense	138,360
Advertising Expense	27,610
Utilities Expenses	15,640
Maintenance and Repairs Expense	12,100
Freight-out	16,700
Rent Expense	25,210
	$1,004,350	$1,004,350

Adjustment data:

1.		Supplies on hand totaled $5,170.
2.		Depreciation is $16,815 on the equipment.
3.		Interest of $15,110 is accrued on notes payable at November 30.

Other data:.

1.		Salaries expense is 70% selling and 30% administrative.
2.		Rent expense and utilities expense are 80% selling and 20% administrative.
3.		$30,000 of notes payable are due for payment next year.
4.		Maintenance and repairs expense is 100% administrative.

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(a)


	Your answer is correct.

Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.	Supplies Expense	4,000
	Supplies		4,000
2.	Depreciation Expense	16,815
	Accumulated Depreciation - Equipment		16,815
3.	Interest Expense	15,110
	Interest Payable		15,110

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(b)


	Your answer is correct.

Prepare an adjusted trial balance.

BELLEMY FASHION CENTER Adjusted Trial Balance November 30, 2012
	Debit	Credit
Cash	$ 33,580	$
Accounts Receivable	37,370
Inventory	48,670
Supplies	5,170
Equipment	140,340
Accumulated Depreciation - Equipment		43,235
Notes Payable		54,670
Common Stock		93,670
Retained Earnings		11,670
Sales Revenue		765,750
Sales Returns and Allowances	4,200
Cost of Goods Sold	495,400
Salaries and Wages Expense	138,360
Advertising Expense	27,610
Utilities Expenses	15,640
Maintenance and Repairs Expense	12,100
Freight-out	16,700
Rent Expense	25,210
Supplies Expense	4,000
Depreciation Expense	16,815
Interest Expense	15,110
Interest Payable		15,110
Accounts Payable		52,170
	$ 1,036,275	$ 1,036,275

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(c1)

Prepare a multiple-step income statement for the year.

BELLEMY FASHION CENTER Income Statement For the Year Ended November 30, 2012

			$
:




Selling expenses
	$






		$
Administrative expenses









			$

Sales Retu

4,200

Cost of Go

495,400

Supplies Expe

Salaries an

138,360

Advertising

27,610

Utilities Exp

15,640

Maintenanc

12,100

4,000

Freight-out

16,700

Rent Expen

25,210

Supplies Ex

4,000

Depreciatio

16,815

Interest Exp

15,110

Interest Pay

15,110

Accounts P

52,170

1,036,275

Supplies

4,000

Depreciation E

16,815

Accumulated D

16,815

Interest Expen

15,110

Interest Payab

15,110

Cash

33,580

Accounts R

37,370

Inventory

48,670

Supplies

5,170

Equipment

140,340

Accumulate

43,235

Notes Paya

54,670

Common St

93,670

Retained Ea

11,670

Sales Reve

765,750