P3.

4
Adjusting Entries
Date Accounts Title Debit Credit
30-Nov Supplies expense 4,000
Supplies 4,000
30-Nov Depreciation expense 15,000
Accumulated depreciation
equipment ###
30-Nov Interest expense 11,000
Interest payable 11,000

BELLEMY FASHION CENTER

Adjusted Trial Balance
30-Nov-15

Debit Credit
Cash 28,700
Accounts receivable 33,700
Inventory 45,000
Supplies 1,500
Equipment 133,000
Accumulated depreciation 39,000
Notes payable 51,000
Accounts Payable 48,500
Interest Payable 11,000
Share Capital - Ordinary 90,000
Retained earnings 8,000
Sales revenue 757,200
Sales returns and allowances 4,200
Cost of goods sold 495,400
Salaries and wages expense 140,000
Advertising expense 26,400
Utilities expense 14,000
Maintenance and repair expense 12,100
Delivery expense 16,700
Rent expense 24,000
Supplies expense 4,000
Depreciation expense 15,000
Interest expense 11,000
Totals 1,004,700 1,004,700
 BELLEMY FASHION CENTER BELLEMY FASHION CENTER
Income Statement Balance Sheet
30-Nov-15 30-Nov-15
Sales revenue Assets
Sales revenue 757,200 Current assets
Sales returns and allowances 4,200 Cash 28,700

Net sales 753,000 Accounts receivable 33,700

Cost of goods sold 495,400 Inventory 45,000
Gross profit 257,600 Supplies 1,500
Operating expense Totals current assets 108,900
Selling expenses Long-term assets
Salaries and wages expense 98,000 Property, land, equipment
Advertising expense 26,400 Equipment 133,000
Rent expense 19,200 Accumulated depreciation 39,000
Utilities expense 11,200 Totals long-term assets 94,000
Supplies expense 4,000 Totals assets 202,900
Depreciation expense 15,000
Delivery expense 16,700 Liabilities and Owner's Equity
Administrative expenses Liabilities
Salaries and wages expense 42,000 Current liabilities
Maintenance and repair expense 12,100 Accounts Payable 48,500
Rent expense 4,800 Interest Payable 11,000
Utilities expense 2,800 Long-term liabilities
Total expenses 252,200 Notes payable 51,000
Other income and expenses Total liabilities 110,500
Interest expense 11,000 Owner's equity
Net loss (5,600) Share capital - ordinary 90,000
Retained earnings 2,400
Total liabilities and owner's equity 202,900

BELLEMY FASHION CENTER

Retained earnings statement
30-Nov-15

Retained earnings, beginning 8,000

Net loss 5,600
Retained earnings, ending 2,400
 Closing entries
Date Accounts Title Debit Credit
30-Nov Sales revenue 757,200
Income summary 757,200

30-Nov Income summary 762,800

Sales returns and allowances 4,200

Cost of goods sold 495,400
Salaries and wages expense 140,000
Advertising expense 26,400
Utilities expense 14,000
Maintenance and repair expense 12,100
Delivery expense 16,700
Rent expense 24,000
Supplies expense 4,000
Depreciation expense 15,000
Interest expense 11,000

30-Nov Retained earnings 5,600

Income summary 5,600

BELLEMY FASHION CENTER

Post-Closing Trial Balance
30-Nov-15
Debit Credit
Cash 28,700
Accounts receivable 33,700
Inventory 45,000
Supplies 1,500
Equipment 133,000
Accumulated depreciation 39,000
Notes payable 51,000
Accounts Payable 48,500
Interest Payable 11,000
Share Capital - Ordinary 90,000
Retained earnings 2,400
241,900 241,900