Question

The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. GAOLEE FASHION CENTER Trial Balance November 30, 2017 Debit Credit Cash $20,700 Accounts Receivable 30,700 Inventory 44,700 Supplies 6,200 Equipment 133,000 Accumulated Depreciation—Equipment 28,000 Notes Payable 60,000 Accounts Payable 48,500 Owner's Capital 93,000 Owner's Drawings 12,000 Sales Revenue 755,200 Sales Returns and Allowances 8,800 Cost of Goods Sold 497,400 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 Totals $984,700 $984,700 Adjustment data: 1. Supplies on hand totaled $2,600. 2. Depreciation is $11,500 on the equipment. 3. Interest of $3,800 is accrued on notes payable at November 30. 4. Inventory actually on hand is $44,400.

          The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.

GAOLEE FASHION CENTER Trial Balance
November 30, 2017

Debit Credit
Cash $20,700
Accounts Receivable 30,700
Inventory 44,700
Supplies 6,200
Equipment 133,000
Accumulated Depreciation—Equipment 28,000
Notes Payable 60,000
Accounts Payable 48,500
Owner's Capital 93,000
Owner's Drawings 12,000
Sales Revenue 755,200
Sales Returns and Allowances 8,800
Cost of Goods Sold 497,400
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
Totals $984,700 $984,700

Adjustment data:
1. Supplies on hand totaled $2,600.
2. Depreciation is $11,500 on the equipment.
3. Interest of $3,800 is accrued on notes payable at November 30.
4. Inventory actually on hand is $44,400.

Added by Richard W.

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