The trial balance of Blossom Company contained the following accounts at November 30, the end...
70.2K
Verified Solution
Link Copied!
Question
Accounting
The trial balance of Blossom Company contained the following accounts at November 30, the end of the companys fiscal year. Blossom adjusts its accounts annually and uses the perpetual inventory system.
Blossom Company Trial Balance November 30, 2022
Debit
Credit
Cash
$ 8,700
Accounts Receivable
29,800
Inventory
44,200
Supplies
6,200
Equipment
130,000
Accumulated DepreciationEquipment
$ 27,000
Notes Payable
52,000
Accounts Payable
47,300
Common Stock
45,000
Retained Earnings
40,000
Dividends
12,500
Sales Revenue
756,000
Sales Returns and Allowances
8,800
Cost of Goods Sold
497,000
Salaries and Wages Expense
139,600
Advertising Expense
24,300
Utilities Expense
13,900
Maintenance and Repairs Expense
11,600
Freight-Out
16,700
Rent Expense
24,000
Totals
$967,300
$967,300
Adjustment data:
1.
Supplies on hand totaled $2,600.
2.
Depreciation is $13,000 on the equipment.
3.
Interest of $5,000 is accrued on notes payable at November 30.
4.
Inventory actually on hand is $43,900.
Blossom Company Income Statement
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
