Journalize the Closing Entries Bellemy Fashion Center Trial Balance November 30 2020 Quizlet
Problem-5: Bookkeeping for Merchandising Operations
The trial balance of Gaolee Style Middle contained the following accounts at November 30, the end of the company's fiscal twelvemonth.
Aligning data:
- Supplies on paw totaled $2,600.
- Depreciation is $ 11,500 on the equipment.
- Involvement of $3,800 is accrued on notes payable at November 30.
- Inventory actually on hand is $44,400.
Instructions
- Enter the trial remainder on a worksheet, and complete the worksheet.
- Prepare a multiple-step income statement and an owners disinterestedness statement for the yr, and a classified residuum sail as of Nov thirty, 2019. Notes payable of $twenty,000 are due in January 2020.
- Journalize the adjusting entries.
- Journalize the endmost entries.
- Prepare a post-closing trial balance.
Solution
a.
Gaolee Manner Center
Worksheet
For the Year Ended November xxx, 2019
b.
Gaolee Fashion Center
Income Argument (Multi-Step)
For the Year Ended Nov 30, 2019
Gaolee Fashion Heart
Owner's Equity Statement
For the Year Ended Nov 30, 2019
Gaolee Fashion Center
Balance Sheet
November thirty, 2019
c.
Gaolee Fashion Middle
Adjusting Journal Entries
d.
Gaolee Fashion Center
Closing Journal Entries
e.
Gaolee Fashion Center
Mail service-closing Trial Balance
November xxx, 2019
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