Question

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

 

Debit

 

Credit

 

Cash

 

$33,780

 

 

 

 

Accounts Receivable

 

37,420

 

 

 

 

Inventory

 

48,720

 

 

 

 

Supplies

 

9,220

 

 

 

 

Equipment

 

140,440

 

 

 

 

Accumulated Depreciation-Equipment

 

 

 

 

$26,720

 

Notes Payable

 

 

 

 

54,720

 

Accounts Payable

 

 

 

 

52,220

 

Common Stock

 

 

 

 

93,720

 

Retained Earnings

 

 

 

 

11,720

 

Sales Revenue

 

 

 

 

766,000

 

Sales Returns and Allowances

 

4,200

 

 

 

 

Cost of Goods Sold

 

495,400

 

 

 

 

Salaries and Wages Expense

 

138,040

 

 

 

 

Advertising Expense

 

27,760

 

 

 

 

Utilities Expenses

 

15,960

 

 

 

 

Maintenance and Repairs Expense

 

12,100

 

 

 

 

Delivery Expense

 

16,700

 

 

 

 

Rent Expense

 

25,360

 

 

 

 

Totals

 

$1,005,100

 

 

$1,005,100