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

Adjustment data:

1. Supplies on hand totaled $1,500.

2. Depreciation is $15,000 on the equipment.

3. Interest of $11,000 is accrued on notes payable at November 30.

Other data:

1. Salaries expense is 70% selling and 30% administrative.

2. Rent expense and utilities expenses are 80% selling and 20% administrative.

3. $30,000 of notes payable are due for payment next year.

4. Maintenance and repairs expense is 100% administrative.

Instructions

a. Journalize the adjusting entries.

b. Prepare an adjusted trial balance.

c. Prepare a multiple-step income statement (ignore taxes) and retained earnings statement for the year and a classified balance sheet as of November 30, 2020.

d. Journalize the closing entries.

e. Prepare a post-closing trial balance.

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Bellemy Fashion Center Trial Balance November 30, 2020 Debit Credit $ 28,700 Cash Accounts Receivable 33,700 Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable 45,000 5,500 133,000 $ 24,000 51,000 48,500 Common Stock 90,000 Retained Earnings 8,000 757,200 Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Rent Expense 140,000 26,400 14,000 12,100 16,700 24,000 $978,700 $978,700