Presented below is the adjusted trial balance of Katie’s Pet Supplies as at its fiscal year end, November 30, 2017. All accounts are their normal balance (debit or credit). Katie’s uses the periodic inventory system.Accounts payable………………………. $ 32,310 K. Milani, Capital………………….. $119,480Accounts receivable………………………. 13,770 K. Milani, Drawings………………. 12,000Accum. depreciation, Building . 61,200Long-term note receivable………………………. 15,000Accum. depreciation, equipment……… 19,880 Merchandise inventory………….. 34,360Advertising expense………………………… 1,000 Mortgage payable, ……………… 106,000Cash…………………………………………….. 7,500 Prepaid Insurance……………….. 4,500Building……………………………………… 175,000 Property Tax expense…………… 3,500Purchases………………………………….. 634,700 Salaries expense…………………. 122,000Depreciation Expense……………………. 14,000 Salaries payable………………….. 8,500Equipment…………………………………… 57,000 Sales discounts…………………… 8250Freight-out expense………………………… 8,200 Sales returns and allowances… 9,845Insurance expense…………………………. 9,000 Sales revenue…………………….. 872,000Interest expense…………………………….. 5,300 Unearned Revenue……………… 3,000Land……………………………………… 85,000 Utilities Expense ………………….. 19,800 Freight in………………………………… 5,060 Rent revenue………………….. 2,800Purchase discount……………….. 6,300 Purchase return and Allowance 13,315Additional Information:Instruction:
Katie’s Pet Supplies
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