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    Terry Manning Fashion Center Solved

    Uploaded by

    Menxie Millano Lim
    The document summarizes the trial balance, adjustments, income statement, and journal entries to close accounts for Terry Manning Fashion Center for the period ended November 30, 2010. It shows operating revenues of $755,200, expenses of $748,720, and a net loss of $4,280. Terry Manning's capital was reduced to $93,720 after recording the net loss and a $12,000 drawing.

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    Terry Manning Fashion Center Solved

    Uploaded by

    Menxie Millano Lim
    2K views6 pages
    The document summarizes the trial balance, adjustments, income statement, and journal entries to close accounts for Terry Manning Fashion Center for the period ended November 30, 2010. It shows operating revenues of $755,200, expenses of $748,720, and a net loss of $4,280. Terry Manning's capital was reduced to $93,720 after recording the net loss and a $12,000 drawing.

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    Terry Manning Fashion Center Solved (1)

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    Terry Manning Fashion Center Solved (1)

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    The document summarizes the trial balance, adjustments, income statement, and journal entries to close accounts for Terry Manning Fashion Center for the period ended November 30, 2010. It shows operating revenues of $755,200, expenses of $748,720, and a net loss of $4,280. Terry Manning's capital was reduced to $93,720 after recording the net loss and a $12,000 drawing.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    2K views6 pages

    Terry Manning Fashion Center Solved

    Uploaded by

    Menxie Millano Lim
    The document summarizes the trial balance, adjustments, income statement, and journal entries to close accounts for Terry Manning Fashion Center for the period ended November 30, 2010. It shows operating revenues of $755,200, expenses of $748,720, and a net loss of $4,280. Terry Manning's capital was reduced to $93,720 after recording the net loss and a $12,000 drawing.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 6

    Terry Manning Fashion Center

    Worksheet
    30-Nov-10

    Unadjusted Trial Bal. Adjustments


    Dr Cr Dr Cr
    Cash 28,700.00
    Accounts Receivable 30,700.00
    Merchandise Inventory 44,700.00 300.00
    Store Supplies 6,200.00 3,700.00
    Store Equipment 85,000.00
    Accumulated Depreciation Store Equipment 22,000.00 9,000.00
    Delivery Equipment 48,000.00
    Accumulated depreciation Delivery Equipment 6,000.00 5,000.00
    Notes Payable 51,000.00
    Accounts Payable 48,500.00
    Terry Manning, Capital 110,000.00
    Terry Manning, Drawing 12,000.00
    Sales 755,200.00
    Sales Returns and allowances 8,800.00
    Cost of goods sold 497,400.00 300.00
    Salaries Expense 140,000.00
    Advertising Expense 24,400.00
    Utilities Expense 14,000.00
    Repair Expense 12,100.00
    Delivery Expense 16,700.00
    Rent Expense 24,000.00
    992,700.00 992,700.00
    Store Supplies Expense 3,700.00
    Depreciation Expense - Store equipment 9,000.00
    Depreciaton Expense - Delivery Equipment 5,000.00
    Interest Expense 4,080.00
    Interest Payable 4,080.00

    22,080.00 22,080.00

    Net Income (Loss)


    Adjusted Trial Bal. Income Statement Post Closing Trial Balance
    Dr Cr Dr Cr Dr Cr
    28,700.00 28,700.00
    30,700.00 30,700.00
    44,400.00 44,400.00
    2,500.00 2,500.00
    85,000.00 85,000.00
    31,000.00 31,000.00
    48,000.00 48,000.00
    11,000.00 11,000.00
    51,000.00 51,000.00
    48,500.00 48,500.00
    110,000.00 93,720.00
    12,000.00
    755,200.00 755,200.00
    8,800.00 8,800.00
    497,700.00 497,700.00
    140,000.00 140,000.00
    24,400.00 24,400.00
    14,000.00 14,000.00
    12,100.00 12,100.00
    16,700.00 16,700.00
    24,000.00 24,000.00

    3,700.00 3,700.00
    9,000.00 9,000.00
    5,000.00 5,000.00
    4,080.00 4,080.00
    4,080.00 4,080.00

    1,010,780.00 1,010,780.00 239,300.00 239,300.00


    759,480.00 755,200.00
    4,280.00 -
    759,480.00
    Terry Manning Fashion Center
    Income Statement
    30-Nov-10

    Sales Revenue 755,200.00


    Less:
    Sales Returns and allowances 8,800.00
    Net Sales 746,400.00

    Cost of goods sold 497,700.00

    Gross Profit 248,700.00

    Operating Expenses:
    Salaries Expense 140,000.00
    Advertising Expense 24,400.00
    Utilities Expense 14,000.00
    Repair Expense 12,100.00
    Delivery Expense 16,700.00
    Rent Expense 24,000.00
    Store Supplies Expense 3,700.00
    Depreciation Expense - Store equipment 9,000.00
    Depreciaton Expense - Delivery Equipment 5,000.00
    Total Operating Expenses 248,900.00

    Income from operations (200.00)

    Non-operating expenses
    Interest Expense 4,080.00 4,080.00

    Net Income (4,280.00)


    Terry Manning Fashion Center
    Statement of Owner's Equity
    ###

    Terry Manning, Capital Beginning Balance 110,000.00

    Net Income (4,280.00)

    Terry Manning, Drawing 12,000.00

    Terry Manning, Capital Ending Balance 93,720.00


    Journal Entries related to closing accounts:

    Dr Cr
    Sales 755,200.00
    Income Summary 755,200.00

    Income Summary 759,480.00


    Sales Returns and allowances 8,800.00
    Cost of goods sold 497,700.00
    Salaries Expense 140,000.00
    Advertising Expense 24,400.00
    Utilities Expense 14,000.00
    Repair Expense 12,100.00
    Delivery Expense 16,700.00
    Rent Expense 24,000.00
    Store Supplies Expense 3,700.00
    Depreciation Expense - Store equipment 9,000.00
    Depreciaton Expense - Delivery Equipment 5,000.00
    Interest Expense 4,080.00

    Terry Manning, Capital 12,000.00


    Terry Manning, Drawing 12,000.00
    Terry Manning, Draw
    T-accounts: Capital & Terry Manning, Capital

    Income Summary

    759,480.00 755,200.00

    759,480.00 755,200.00
    4,280.00 4,280.00 Closing Entry which in this case is cr

    Terry Manning, Capital


    110,000.00
    4,280.00

    Terry Manning, Drawing 12,000.00

    16,280.00 110,000.00
    93,720.00

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