The trial balance of the Coleman-Foose Company was prepared from the record of the company

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The trial balance of the Coleman-Foose Company was prepared from the record of the company on November 30, 20X2, the close of its fiscal year:

 

Trial Balance

November 30, 20X2

 

Cash                   12200

Accounts receivable     16300

Aloowance for doubtful accounts           200

Inventory - 12/1/X1            14175

Unexpired insurance             660

Supplies on hand                 265

Land                               18000

Building                           22000

Accumulated depreciation - building           6000

Office equipment              6800

Accumulated depreication - office equipment      2100

Accounts payable                            11400

Mortgage payable                            9000

Capial stock                                 40000

Retained earnings                           2200

Dividends                           8000

Sales                                             172000

Sales returns and allowances 600

Sales discounts                  2700

Purchases                        109800

Purchases returns and allowances       1200

Purchase discounts                          2300

Transportation-in                     900

Salaries expense                  23000

Travel expense                      5200

Office expense                     1300

Professional fee expense       2500

Telephone expense        1200

Building repair expense     800

              Total            246400           246400

 

Additional data:

A. The allowance for doubtful accounts should be increase by $400

B. Merchandise inventory at november 30, 20x2 was 16200

C. Unexpired insurance on november 30, 20x2 amounted to 440

D. Supplies on hand november 30, 20x2, 120

E. Building depreciation is calculated at 5% per year

F. Office depreciation is calculated at 10% per year

G. Salaries accrued at november 30, 20x2, are 400

 

 

 

Required:

 

1. Prepare a work sheet   (The adjusted trial balance columns are to be omitted.)

2. Prepare an income statement for the year

3. Prepare closing entries

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