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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.
. 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. COLEMAN-FOOSE COMPANY Trial Balance November 30, 20X2 Cash $ 12,200 Accounts Receivable 16,300 Allowance for Doubtful Accounts $ 200 Inventory—12/1/X1 14,175 Unexpired Insurance 660 Supplies on Hand 265 Land 18,000 Building 22,000 Accumulated Depreciation—Building 6,000 Office Equipment 6,800 Accumulated Depreciation—Office Equipment 2,100 Accounts Payable 11,400 Mortgage Payable 9,000 Capital Stock 40,000 Retained Earnings 2,200 Dividends 8,000 Sales 172,000 Sales Returns and Allowances 600 Sales Discounts 2,700 Purchases 109,800 Purchase Returns and Allowances 1,200 Purchase Discounts 2,300 Transportation-In 900 Salaries Expense 23,000 Travel Expense 5,200 Office Expense 1,300 Professional Fee Expense 2,500 Telephone Expense 1,200 Building Repair Expense 800 $246,400 $246,400 Additional data: a. The Allowance for Doubtful Accounts should be increased by $400. b. Merchandise Inventory at November 30, 20X2, was $16,200. 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.
