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The trial balance of Martinez Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. MARTINEZ FASHION CENTER Trial Balance November 30, 2020 Debit Credit Cash $ 21,700 Accounts Receivable 30,800 Inventory 46,000 Supplies 6,000 Equipment 134,000 Accumulated Depreciation-Equipment $ 30,000 Notes Payable 51,500 Accounts Payable 60,800 Owner's Capital 89,000 Owner's Drawings 11,500 Sales Revenue 755,600 Sales Returns and Allowances 8,800 Cost of Goods Sold 497,500 Salaries and Wages Expense 139,800 Advertising Expense 24,200 Utilities Expense 14,000 Maintenance and Repairs Expense 11,900 Freight-out 16,800 Rent Expense 23,900 Totals $986,900 $986,900 Adjustment data: 1. Supplies on hand totaled $2,100. 2. Depreciation is $11,150 on the equipment. 3. Interest of $4,750 is accrued on notes payable at November 30. 4. Inventory actually on hand is $45,700. MARTINEZ FASHION CENTER Worksheet For the Year Ended November 30, 2020 Adjustments Adj. Trial Balance Cr. Dr. Cr. Trial Balance Income Statement Dr. Cr. Balance Sheet Dr. Cr. Account Titles Dr. Cr. Dr. Cash $21,700 21700 21700 s Accounts Receivable 30,800 30800 30800 Inventory 46.000 300 45700 45700 Supplies 6,000 3900 2100 2100 Equipment 134,000 134000 134000 Accum. Depreciation Equipment $30,000 11150 41150 41150 Notes Payable 51,500 51500 51500 Accounts Payable 60,800 60800 60800 Owner's Capital 89,000 89000 89000 Owner's Drawings 11,500 11500 11500 Sales Revenue 755,600 755600 755600 Sales Returns and Allowances 8,800 8800 8800 Cost of Goods Sold 497,500 300 497800 497800 Salaries and Wages Expense 139,800 139800 139800 Advertising Expense 24,200 24200 24200 Utilities Expense 14,000 14000 14000 Maintenance and Repairs Expense 11,900 11900 11900 Freight-Out 16,800 16800 16800 Rent Expense 23,900 23900 23900 Totals $986,900 $986,900 $ Supplies Expense 3900 3900 3900 Depreciation Expense 11150 11150 11150 Interest Expense 4750 4750 4750 Interest Payable 4750 4750 4750 Totals 20100 20100 1002800 1002800 757000 755600 245800 247200 Net Loss 1400 1400 Totals 757000 757000 247200 247200 Prepare a multiple-step income statement for the year. (Enter negative amounts using either a negati MARTINEZ FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales Sales Revenue 755600 Less V Sales Returns and Allowances -8800 Net Sales 746800 Cost of Goods Sold -497800 Gross Profit 249000 Operating Expenses Salaries and Wages Expense 139800 Advertising Expense 24200 Utilities Expense 14000 Maintenance and Repairs Expense 11900 Freight-Out 16800 Rent Expense 23900 Supplies Expense 3900 Depreciation Expense 11150 Total Operating Expenses 245650 Income from Operations 3350 Other Expenses and Losses Interest Expense -4750 Net Income / (Loss) -1400 x Your answer is incorrect. Try again. Prepare an owner's equity statement for the year. MARTINEZ FASHION CENTER Owner's Equity Statement Prepare a classified balance sheet as of November 30, 2019. Notes payable of $18,500 are due in January 2020. (List Current Assets in order o MARTINEZ FASHION CENTER Balance Sheet Assets Current Assets Cash 21700 Accounts Receivable 30800 Inventory 45700 Supplies 2100 Total Current Assets 100300 Property, Plant and Equipment Equipment 134000 Less V Accumulated Depreciation-Equipment -41150 92850 Total Assets 193150 Liabilities and Owner's Equity Current Liabilities Notes Payable 51500 Accounts Payable 60800 Interest Payable 4750 Total Current Liabilities 117050 Owner's Equity Owner's Capital 1400 Total Liabilities Owner's Equity Owner's Capital 76100 Total Liabilities and Owner's Equity 193150 Your answer is correct. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manua Account Titles and Explanation Nov. 30 Supplies Expense 3900 No. Date Debit Credit 1. 3900 Supplies (To adjust supplies expense) 2. Nov. 30 Depreciation Expense 11150 11150 Accumulated Depreciation-Equipment (To adjust depreciation on equipment) 3. Nov. 30 Interest Expense 4750 4750 Interest Payable (To adjust interest expense) 4. Nov. 30 Cost of Goods Sold 300 Inventory 300 (To adjust merchandise inventory) Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent Date Account Titles and Explanation Credit Debit Nov. 30 Sales Revenue (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 drawings) Prepare a post-closing trial balance. MARTINEZ FASHION CENTER Post-Closing Trial Balance X Debit Credit buddddddddd Totals Click if you would like to Show Work for this question: Open Show Work