Name: Instructor: 85. STUDENT85 ASLAM MURAD Date: Course: 28-Feb-21 ACCOUNTING I QUESTION # 1 The trial balance of Tammy Fashion Center contained the following accounts at November 30, the end of the company's fiscal year: Account titles Cash Accounts Receivable Merchandise Inventory Store Supplies Store Equipment Accumulated Depr - Store Equipment Delivery Equipment Accumulated Depreciation - Delivery Equip Notes Payable Accounts Payable Tammy, Capital Tammy, Drawing Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense Totals Trial Balance Dr. Cr. $521,600 555,100 807,100 111,600 1,520,000 $396,000 864,000 108,000 913,000 868,000 1,990,000 216,000 13,603,600 158,400 8,959,200 2,522,000 440,200 252,000 217,800 300,600 433,000 $17,878,600 $17,878,600 Adjustment data: 1. Store supplies on hand totaled 2. Depreciation on the store equipment 2. Depreciation on the delivery equipment 3. Interest accrued on notes payable at November 30 4. Merchandise inventory actually on hand is $45,000 $162,000 $90,000 $73,440 $799,200 administrative. 30% Other data: 1. Allocation of expenses - Salaries expense - Rent expense - Utilities expense - Repair expense selling 70% 80% 80% 0% 20% 20% 100% 2. Notes payable due next year $540,000 Instructions: (a) Prepare a multiple-step income statement and an owner's equity statement for the year, and a classified balance sheet at November 30, 2012 (b) Journalize the adjusting entries. (c) Journalize the closing entries. (d) Prepare a post-closing trial balance. Page 1 of 3