GAOLEE FASHION CENTER

Adjusted Balance Sheet

For the Year Ended November 30, 2017
Trial Balance Adjustments Adjusted Trial Balance
Accounts Dr. Cr. Dr. Cr. Dr.
Cash $ 20,700 $ 20,700
Accounts Receivable $ 30,700 $ 30,700
Inventory $ 44,700 $ 300 $ 44,400
Supplies $ 6,200 $ 3,600 $ 2,600
Equipment $ 133,000 $ 133,000
Accummulated Depreciation-Equipment $ 28,000 $ 11,500
Notes Payable $ 60,000
Accounts Payable $ 48,500
Owner's Capital $ 93,000
Owner's Drawings $ 12,000 $ 12,000
Sales Revenue $ 755,200
Sales Returns and Allowances $ 8,800 $ 8,800
Cost of Goods Sold $ 497,400 $ 300 $ 497,700
Salaries and Wages Expense $ 140,000 $ 140,000
Advertising Expense $ 24,400 $ 24,400
Utilities Expense $ 14,000 $ 14,000
Maintenance and Repairs Expense $ 12,100 $ 12,100
Freight-Out $ 16,700 $ 16,700
Rent Expense $ 24,000 $ 24,000
Supplies Expense $ 3,600 $ 3,600
Depreciation Expense $ 11,500 $ 11,500
Interest Expense $ 3,800 $ 3,800
Interest Payable $ 3,800
Total $ 984,700 $ 984,700 $ 19,200 $ 19,200 $ 1,000,000
Net Profit/Loss
Total
NTER
eet
er 30, 2017
Adjusted Trial Balance Income Statement Balance Sheet
Cr. Dr. Cr. Dr. Cr.
$ 20,700 $ -
$ 30,700 $ -
$ 44,400 $ -
$ 2,600 $ -
$ 133,000 $ -
$ 39,500 $ - $ 39,500
$ 60,000 $ - $ 60,000
$ 48,500 $ - $ 48,500
$ 93,000 $ - $ 93,000
$ 12,000 $ -
$ 755,200 $ - $ 755,200
$ 8,800 $ -
$ 497,700 $ -
$ 140,000 $ -
$ 24,400 $ -
$ 14,000 $ -
$ 12,100 $ -
$ 16,700 $ -
$ 24,000 $ -
$ 3,600 $ -
$ 11,500 $ -
$ 3,800 $ -
$ 3,800 $ - $ 3,800
$ 1,000,000 $ 756,600 $ 755,200 $ 243,400 $ 244,800
$ 1,400 $ 1,400
$ 756,600 $ 756,600 $ 244,800 $ 244,800
 GALOEE FASHION CENTER
Income Statement
For the Year Ended November 30, 2017
Sales Revenues:
Sales Revenue $ 755,200
Less: Sales Returns and Allowances $ 8,800
Net Sales $ 746,400
Cost of Goods Sold $ 497,700
Gross Profit $ 248,700
Operating Expenses
Salaries and Wages Expense $ 140,000
Advertising Expense $ 24,400
Utilities Expense $ 14,000
Maintenance and Repairs Expense $ 12,100
Freight-Out $ 16,700
Rent Expense $ 24,000
Supplies Expense $ 3,600
Depreciation Expense $ 11,500
Total Operating Expense $ 246,300
Income From Operations $ 2,400
Interest Expense $ 3,800
Net Profit/Loss $ (1,400)
 GALOEE 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
 GALOEE FASHION CENTER
Balance Sheet
For the Year Ended November 30, 2017
Assets
Cash $ 20,700
Accounts Receivable $ 30,700
Inventory $ 44,400
Supplies $ 2,600
Total Current Assets $ 98,400
Property, Plant & Equipment
Equipment $ 133,000
Accummulated Depreciation-Equipment $ 39,500
Equipment $ 93,500
Total Assets $ 191,900
Liabilities and Owner's Equity
Notes Payable (Due Next Year) $ 20,000
Notes Payable $ 40,000
Accounts Payable $ 48,500
Interest Payable $ 3,800
Total Liabilites $ 112,300
Owner's Equity
Owner's Capital $ 79,600
Total Liabilites and Owner's Equity $ 191,900
 Journal Entry
Date Account Title Ref Dr. Cr.
Supplies Expense $ 3,600
30-Nov-17
Supplies $ 3,600
Depriciation Expense $ 11,500
30-Nov-17
Accummulated Depreciation-Equipment $ 11,500
Interest Expense $ 3,800
30-Nov-17
Interest Payable $ 3,800
Cost of Goods Sold $ 300
30-Nov-17
Inventory $ 300
 Closing Entry
Date Account Title Ref Dr. Cr.
Sales Revenue $ 755,200
30-Nov-17
Supplies $ 755,200
Income Summary $ 756,600
Sales Returns and Allowances $ 8,800
Cost of Goods Sold $ 497,700
Salaries and Wages Expense $ 140,000
Advertising Expense $ 24,400
Utilities Expense $ 14,000
30-Nov-17
Maintenance and Repairs Expense $ 12,100
Freight-Out $ 16,700
Rent Expense $ 24,000
Supplies Expense $ 3,600
Depreciation Expense $ 3,800 $ 11,500
Interest Expense $ 3,800
Owner's Capital $ 1,400
30-Nov-17
Income Summary $ 1,400
Owner's Capital $ 12,000
30-Nov-17
Owner's Drawing $ 12,000
 GALOEE FASHION CENTER
Post-Closing Trial Balance
For the Year Ended November 30, 2017
Dr. Cr.
Cash $ 20,700
Accounts Receivable $ 30,700
Inventory $ 44,400
Supplies $ 2,600
Equipment $ 133,000
Accummulated Depreciation-Equipment $ 39,500
Notes Payable $ 60,000
Accounts Payable $ 48,500
Interest Payable $ 3,800
Owner's Capital $ 79,600
$ 231,400 $ 231,400