The trial balance of Novak Fashion Center contained the following accounts at November 30, the end of thecompany's fiscal year.CashAccounts ReceivableInventorySuppliesEquipmentAccumulated Depreciation-EquipmentNotes PayableAccounts PayableCommon StockRetained EarningsSales RevenueSales Returns and AllowancesCost of Goods SoldSalaries and Wages ExpenseAdvertising ExpenseUtilities ExpensesMaintenance and Repairs ExpenseDelivery ExpenseRent ExpenseAdjustment data:1.2.3.Other data:1.2.Novak Fashion CenterTrial BalanceNovember 30, 20253.4.5.Debit$33,78037,42048,7209,220140,4404,200Credit$26,72054,72052,22093,72011,720766,000495,400138,04027,76015,96012,10016,70025,360$1,005,100 $1,005,100Supplies on hand totaled $5,220.Depreciation is $17,040 on the equipment.Interest of $12,030 is accrued on notes payable at November 30.Salaries expense is 70% selling and 30% administrative.Rent expense and utilities expenses are 80% selling and 20% administrative.$30,000 of notes payable are due for payment next year.Maintenance and repairs expense is 100% administrative.Depreciation expense is 100% selling.:SUPPORT Prepare an adjusted trial balance.CashAccounts ReceivableInventorySuppliesEquipmentAccumulated Depreciation-EquipmentNotes PayableAccounts PayableCommon StockRetained EarningsSales RevenueSales Returns and AllowancesCost of Goods SoldSalaries and Wages ExpenseAdvertising ExpenseUtilities ExpensesMaintenance and Repairs ExpenseInterest ExpenseDepreciation ExpenseDelivery ExpenseRent ExpenseTotalNOVAK FASHION CENTERAdjusted Trial BalanceNovember 30, 2025$$Debit$$CreSUPPORT

The adjusting entries are only required to be made only when there is some of the transactions which…

Prepare an adjusted trial balance. Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Interest Expense Depreciation Expense Delivery Expense Rent Expense NOVAK FASHION CENTER Adjusted Trial Balance November 30, 2025 $ Debit $ Cre ...

Prepare an adjusted trial balance. Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Interest Expense Depreciation Expense Delivery Expense Rent Expense NOVAK FASHION CENTER Adjusted Trial Balance November 30, 2025 $ Debit $ Cre ...

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 9DQ

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