**Novak Fashion Center Trial Balance Overview****Date:** November 30, 2025This 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. **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.

The adjusting entries are only required to be made only when there is some of the transactions which are yet to be recorded and thus have to be recorded like the recording of supplies has been expensed or for the accrued transactions. Summary of adjusted general ledger balances is shown in form of adjusted trial balance.Computation of supplies expensed for the periodSupplies Expensed = Supplies – Supplied on hand at endSupplies Expensed = $9,220 - $5,220Supplies Expensed = $4,000Adjusting EntriesDateAccountsDebitCreditSupplies Expense$4,000 To Supplies$4,000(Being supplies expenses recorded for the period)Depreciation Expense$17,040 To Accumulated Depreciation – Equipment$17,040(Being depreciation recorded for equipment)Interest Expense$12,030 To Interest Payable$12,030(Being interest accrued on notes payable)Adjusted Trial Balance is: Adjusted Trial BalanceAccount TitleDebit ($)Credit ($)Cash33780Accounts Receivables37420Inventory48720Supplies5220Equipment140440Accumulated Depreciation Equipment ($26720+$17040)43760Notes Payable54720Accounts Payable52220Interest Payable12030Common Stock93720Retained Earnings11720Sales Revenue766000Sales Returns and Allowances4200Cost of goods sold495400Salaries and Wages Expense138040Advertising Expense27760Utilities Expense15960Maintenance & Repairs Expense12100Delivery Expebse16700Rent Expense25360Supplies Expense4000Depreciation Expense17040Interest Expense12030Total10341701034170

Business

Accounting

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 ...

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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