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  • The Trial Balance of Daphne Main Fashion Center Contained The

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    M Bilal Saleem
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    The trial balance of Daphne Main Fashion Center contained accounts at November 30, including store supplies of $3,500, depreciation of $9,000 on store equipment and $7,000 on delivery equipment, and accrued interest of $11,000 on notes payable. Salaries expense is 70% selling and 30% administrative, while rent and utilities expenses are 80% and 20% respectively. Notes payable of $30,000 are due for payment next year and repair expense is fully administrative.

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    The trial balance of Daphne Main Fashion Center contained accounts at November 30, including store supplies of $3,500, depreciation of $9,000 on store equipment and $7,000 on delivery equipment, and accrued interest of $11,000 on notes payable. Salaries expense is 70% selling and 30% administrative, while rent and utilities expenses are 80% and 20% respectively. Notes payable of $30,000 are due for payment next year and repair expense is fully administrative.

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    20 views1 page

    The Trial Balance of Daphne Main Fashion Center Contained The

    Uploaded by

    M Bilal Saleem
    The trial balance of Daphne Main Fashion Center contained accounts at November 30, including store supplies of $3,500, depreciation of $9,000 on store equipment and $7,000 on delivery equipment, and accrued interest of $11,000 on notes payable. Salaries expense is 70% selling and 30% administrative, while rent and utilities expenses are 80% and 20% respectively. Notes payable of $30,000 are due for payment next year and repair expense is fully administrative.

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    The trial balance of Daphne Main Fashion Center contained

    the
    The trial balance of Daphne Main Fashion Center contained the following accounts at
    November 30, the end of the company’s fiscal year.Adjustment data:1. Store supplies on hand
    totaled $3,500.2. Depreciation is $9,000 on the store equipment and $7,000 on the delivery
    equipment.3. Interest of $11,000 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. Repair expense is 100% administrative.Instructions(a) Journalize the adjusting
    entries.(b) Prepare an adjusted trial balance.(c) Prepare a multiple-step income statement and
    retained earnings statement for the year and a classified balance sheet as of November 30,
    2008.(d) Journalize the closing entries.(e) Prepare a post-closing trialbalance.
    View Solution:
    The trial balance of Daphne Main Fashion Center contained the
    SOLUTION-- http://expertanswer.online/downloads/the-trial-balance-of-daphne-main-fashion-
    center-contained-the/

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