FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
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Transcribed Image Text:**Novak Fashion Center Trial Balance Overview**
**Date:** November 30, 2025
This trial balance outlines the financial position of Novak Fashion Center as of November 30, 2025, marking the end of the company's fiscal year. The document provides a detailed account of the organization's debits and credits, ensuring that both sides balance.
**Trial Balance Summary:**
- **Debits:**
- Cash: $33,780
- Accounts Receivable: $37,420
- Inventory: $48,720
- Supplies: $9,220
- Equipment: $140,440
- 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
- **Credits:**
- 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
- **Totals:**
- Debits: $1,005,100
- Credits: $1,005,100
**Adjustment Data:**
1. Supplies on hand totaled $5,220.
2. Depreciation is $17,040 on the equipment.
3. Interest of $12,030 is accrued on notes payable on November 30.
**Additional Information:**
1. Salaries expense is allocated as 70% selling and 30% administrative.
2. Rent expense and utilities expenses are divided into 80% selling and 20% administrative.
3. $30,000 of notes payable are due for payment next year.
4. Maintenance and repairs expense is entirely administrative.
5. Depreciation expense is exclusively selling.
Adjustments and categorizations are crucial for accurate financial reporting, affecting both the income statement and balance sheet presentations.
Transcribed Image Text:**Adjusted Trial Balance for Novak Fashion Center - November 30, 2025**
The adjusted trial balance for Novak Fashion Center is prepared to ensure that total debits equal total credits after adjustments. Below is a list of accounts included in the trial balance with columns for debit and credit amounts:
1. **Cash**
2. **Accounts Receivable**
3. **Inventory**
4. **Supplies**
5. **Equipment**
6. **Accumulated Depreciation - Equipment**
7. **Notes Payable**
8. **Accounts Payable**
9. **Common Stock**
10. **Retained Earnings**
11. **Sales Revenue**
12. **Sales Returns and Allowances**
13. **Cost of Goods Sold**
14. **Salaries and Wages Expense**
15. **Advertising Expense**
16. **Utilities Expenses**
17. **Maintenance and Repairs Expense**
18. **Interest Expense**
19. **Depreciation Expense**
20. **Delivery Expense**
21. **Rent Expense**
Each account has corresponding blank spaces for the debit and credit amounts. At the bottom, there are totals for both debit and credit columns, which should match once all adjustments are accurately entered.
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