cost of goods sold 3 843 900 advertising expense 75 000 freight out 180 000 office 252829

ACCT 3221 WI3

ACCT 3221 Winter 2013 Lesson 1 Accounting Cycle Review

Question 1 Heritage Furniture Limited reports the following information for the 11 months of the year in its February 29, 2012, trial balance:

HERITAGE FURNITURE LIMITED Trial Balance February 29, 2012

Debit Credit Cash $ 65,000 Accounts receivable 350,000 Merchandise inventory 2,750,000 Supplies /50 Prepaid rent 5,000 qmpment m. 1’45000

Accumulated depreciation—equipment Accounts payable Unearned revenue Bank loan payable—long-term Common shares Retained earnmgs Dividends

Sales Sales returns and allowances Sales discounts

50,000

$ 29,000 1.:;5.Q;ppq 35,000 450000: 200,000 5crqT

;479,400

65,000

Cost of goods sold 3,843,900 Advertising expense 75,000 Freight out 180,000 Office expense 26,000 Rent expense 55,000 Salaries expense 60,00 Travel expense 12,500 Utilities expense 20,000 Interest expense 27,000 Income tax expense 150,000 , $8,293,900 $8,293,900

Lesson: 1: Accounting Cycle Review I Harjinder Deol

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