) Adjusted Trial Balance Account Titles Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Note Payable Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Sales Returns and allowances Cost of goods sold Salaries and wages expense Advertising expense Utilities expense Maintenanace and repair expense Frieght out Rent expense Totals Supplies expense Depreciation expense Interest expense Interest payable Totals Net loss Totals VALDEZ FASHION CENTER Worksheet For the year ended November 30, 2015 Trial Balance Adjustment Adjusted Trial balance Income Statement Balance sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit $8,600 $8,600 $8,600 $31,730 $31.730 $31,730 $45,430 $400 $45,030 $45,030 $6,010 $3.960 $2.050 $2,050 $134.100 $134.100 $134.100 $26,030 $11,400 $37,430 $37,430 $50,000 $50,000 $50,000 $47,040 $47,040 $47,040 $54,070 $54,070 $54,070 $42.920 $42.920 $42.920 $13,200 $13,200 $13,200 $755,300 $755,300 $755,300 $8,670 $8.670 $8,670 $497,200 $400 $497,600 S497,600 $139,900 $139,900 $139,900 $24,320 $24,320 $24,320 $13,990 $13.990 $13,990 $11,670 $11,670 $11,670 $16.780 $16,780 $16,780 $23.760 $23,760 $23,760 $975,360 $975,360 $3.960 $3.960 $3,960 $11,400 $11,400 $11,400 $4,850 $4,850 $4,850 $4,850 $4.850 $4,850 $20,610 $20,610 $991,610 $991,610 $756,900 $755,300 $234,710 $236,310 -$1,600 -$1,600 $755,300 $755,300 $234,710 $234,710 VALDEZ FASHION CENTER Income Statement For the Month Ended November 30, 2015 Revenues Sales Revenue $755,300 Less: Sales Returns and allowances $8,670 Net sales revenue $746,630 Less: Cost of goods sold $497,600 Gross Profit $249,030 Operating Expenses: Salaries and wages expense $139,900 Advertising Expense $24,320 Utilities Expense $13.990 Supplies expense $3,960 Maintenance and Rapair Expense $11.670 Freight-out $16,780 Rent Expense $23,760 Depreciation expense $11,400 Total operating expenses $245,780 Income from operations $3,250 Other income and expenses Interest Expense $4,850 Net Loss $1,600 Workings: VALDEZ FASHION CENTER Statement of Retained Earnings For the Month Ended November 30, 2015 Beginning retained carnings. November 1 $42.920 Less: Net Loss $1,600 $41,320 Less: Dividends $13,200 Ending retained earnings, November 30 $28.120 VALDEZ FASHION CENTER Balance Sheet November 30, 2015 Assets Current Assets Cash $8,600 Accounts Receivable $31.730 Inventory $45,030 Supplies $2,050 Total Current Assets $87.410 Property Plant and Equipment Equipment $134,100 Less: Accumulated Depreciation $37.430 $96,670 Total Assets $184,080 Liabilities and Owner's Equity Current liabilities Accounts Payable $47,040 Notes Payable due next year $21,720 Interest Payable $4,850 Total current liabilities $73,610 Long-term liabilities Notes Payable $28.280 Total liabilities S101,890 Stockholders' equity Common Stock $54,070 Retained Earnings $28.120 Total Shareholder's equity $82.190 Total Liabilities & Owner Equity S184.080 Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 (To adjust supplies expense) 2. Nov. 30 (To adjust depreciation on equipment) 3. Nov. 30 (To adjust interest expense) 4. Nov. 30 (To adjust merchandise inventory) Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close accounts with credit balances) Nov. 30 (To close accounts with debit balances) Nov. 30 (To close net income / (loss)) Nov. 30 (To close dividends) Prepare a post-closing trial balance. VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2015 Debit Credit