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