The trial balance of Rosiak Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.

Adjustment data:
1. Supplies on hand totaled £2,100.
2. Depreciation is £11,500 on the equipment.
3. Interest of £4,000 is accrued on notes payable at November 30.
4. Inventory actually on hand is £44,520.

Instructions
a. Enter the trial balance on a worksheet, and complete the worksheet.
b. Journalize the adjusting entries.
c. Prepare an income statement and an owner’s equity statement for the year, and a classified statement of financial position as of November 30, 2020. Notes payable of £6,000 are due in January 2021.
d. Journalize the closing entries.
e. Prepare a post-closing trial balance.

Transcribed Image Text:

Rosiak Fashion Center Trial Balance November 30, 2020 Debit Credit £ 8,700 27,700 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 44,700 6,200 133,000 £ 23,000 51,000 48,500 88,000 8,000 Sales Revenue 755,200 12,800 Sales Returns and Allowances Cost of Goods Sold 497,400 Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense 136,000 24,400 14,000 12,100 16,700 24,000 £965,700 £965,700 Totals