P3-4 (L03,4,5,6) (Financial Statements, Adjusting and Closing Entries) The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the companys fiscal year.

BELLEMY FASHION CENTER

TRIAL BALANCE

NOVEMBER 30, 2017

Debit Credit

Cash $ 28,700

Accounts Receivable 33,700

Inventory 45,000

Supplies 5,500

Equipment 133,000

Accumulated DepreciationEquipment $ 24,000

Notes Payable 51,000

Accounts Payable 48,500

Common Stock 90,000

Retained Earnings 8,000

Sales Revenue 757,200

Sales Returns and Allowances 4,200

Cost of Goods Sold 495,400

Salaries and Wages Expense 140,000

Advertising Expense 26,400

Utilities Expenses 14,000

Maintenance and Repairs Expense 12,100

Delivery Expense 16,700

Rent Expense 24,000

$978,700 $978,700

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 and retained earnings statement for the year and a classified balance sheet as of November 30, 2017.

(d) Journalize the closing entries.

(e) Prepare a post-closing trial balance.