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 |
|
