Interest expense 3800 Net loss 1400 GAOLEE FASHION CENTER Owners Equity

Interest expense 3800 net loss 1400 gaolee fashion

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Interest expense 3,800 Net loss ($1,400) GAOLEE FASHION CENTER Owner's Equity Statement For the Year Ended November 30, 2017 Owner's Capital, December 1, 2016 $93,000 Less: Net loss $1,400 Drawings 12,000 13,400 Owner's Capital, November 30, 2017 $79,600 GAOLEE FASHION CENTER Balance Sheet November 30, 2017 Assets Current assets Cash $20,700 Accounts Receivable 30,700 Inventory 44,400 Supplies 2,600 Total current assets $98,400 Property, plant and equipment Equipment $133,000
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Accumulated depreciation - (39,500) 93,500 equipment Total assets $191,900 Liabilities and Owner's Equity Current liabilities Account payable $48,500 Notes payable (due next year) 20,000 Interest payable 3,800 Total current liabilities $72,300 Long-term liabilities Notes payable 40,000 Total liabilities 112,300 Owner's equity Owner's capital 79,600 Total liabilities and owner's equity $191,900 (c ) Journalize the adjusting entries. Nov. Supplies Expense 3,600 Supplies 3,600 Nov. Depreciation Expense 11,500 Accum Dep-Equip 11,500 Nov. Interest Expense 3,800 Interest Payable 3,800 Nov. Cost of Goods Sold 300 Inventory 300 (d) Journalize the closing entries. Sales Revenue Nov. Select Account 755,200 Income Summary 755,200 Nov. Income Summary 756,600 Sales Returns Allowances 8,800 Cost of Goods Sold 497,700 Salaries & Wages Exp 140,000 Advertising Exp 24,400
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(e ) Prepare a post-closing trial balance. GAOLEE FASHION CENTER Post-closing Trial Balance November 30, 2017 Debit Credit Cash $20,700 Accounts Receivable 30,700 Inventory 44,400 Supplies 2,600 Equipment 133,000 Accumulated Depreciation - Equipment $39,500 Accounts payable 48,500 Notes payable 60,000 Interest payable 3,800 Owner's Capital 79,600 $231,400 $231,400
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of the company's fiscal year. nuary 2018.
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CENTER mber 30, 2017 Adjusted Income ents Trial Balance Statement Balance Sheet Cr. Dr. Cr. Dr. Cr. Dr. Cr. 20,700 20,700 30,700 30,700 300 44,400 44,400 3,600 2,600 2,600 133,000 133,000 11,500 39,500 39,500 48,500 48,500 60,000 60,000 93,000 93,000 12,000 12,000 755,200 755,200 8,800 8,800 497,700 497,700 140,000 140,000 24,400 24,400 14,000 14,000 12,100 12,100 16,700 16,700 24,000 24,000 3,600 3,600 11,500 11,500 3,800 3,800 3,800 3,800 3,800 19,200 1,000,000 1,000,000 756,600 755,200 243,400 244,800 1,400 1,400 756,600 756,600 244,800 244,800 sified
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