Credit Kelvin Fashion Co., Ltd Trial Balance December 31, 2019 Debit Cash $ 26,700 Accounts Receivable 30,700 Supplies 6,200 Inventory 44,700 Equipment 133,000 Accumulated Depreciation - Equipment Accounts Payable Notes Payable Share Capital - Ordinary Retained Earnings Dividends 12,000 Sales Revenue Sales Returns and Allowances 8,800 Cost of Goods Sold 497,400 Salaries and Wages Expense 140,000 Advertising Expense 26,400 Utilities Expense 14,000 Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 24,000 Total S992.700 $ 24,000 48,500 $1,000 80,000 30.000 759,200 99270 Adjustment data: 1. Supplies on hand totaled $2,500 2. Depreciation is $15,000 on the equipment 3. Interest of $3,080 is accrued on notes payable at December 31, 2019 4. Inventory actually on hand is $44,420 Instructions: (a) Complete the worksheet for Kelvin Fashion Co., Ltd. for the year ended December 31, 2019. The worksheet is provided below. (b) Prepare a multiple-step income statement for the year ended December 31, 2019 and a classified statement of financial position as of December 31, 2019. Notes payable of $9,000 are due in 2020, the remaining amount are due in 2021 (c) Journalize the adjusting entries. (d) Journalize the closing entries. Account titles Cash Accounts Receivable Inventory Supplies Equipment Acc. Depreciation - Equipment Notes Payable Accounts Payable Share Capital - Ordinary Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Repair Expense Freight-out Rent Expense Totals (a) Complete the worksheet for Kelvin Fashion Co., Ltd. for the year ended December 31, 2019 Trial Balance Adjustment Adjusted Trial Balance Income Statem Dr. Cr. Dr. Cr. Dr. Cr. Dr. 26,700 30,700 44,700 6,200 133,000 24,000 51.000 48,500 80,000 30,000 12,000 759,200 8,800 497,400 140,000 26.400 14,000 12.100 16,700 24,000 9922 992.700 (b) Prepare a multiple-step income statement: b) Prepare a classified Statement of Financial Position = Journalize the adjusting entries General Journal nato (c) Journalize the adjusting entries. General Journal Date Account titles Debit Credit (d) Journalize the closing entries. General Journal Date Account titles Debit Credit