P5.5A (LO 4, 5, 6) Financial Statement The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. Prepare fi nancial statements and adjusting and closing entries. a. Net income $32,100 Owners capital $123,800 Total assets $193,000 Journalize, post, and prepare a trial balance. GLS c. Total debits $5,810 Complete accounting cycle beginning with a worksheet. Excel Problems: Set A 5-49 Gaolee Fashion Center Trial Balance November 30, 2020 Debit Credit Cash $ 20,700 Accounts Receivable 30,700 Inventory 44,700 Supplies 6,200 Equipment 133,000 Accumulated DepreciationEquipment $ 28,000 Notes Payable 60,000 Accounts Payable 48,500 Owners Capital 93,000 Owners Drawings 12,000 Sales Revenue 755,200 Sales Returns and Allowances 8,800 Cost of Goods Sold 497,400 Salaries and Wages Expense 140,000 Advertising Expense 24,400 Utilities Expense 14,000 Maintenance and Repairs Expense 12,100 Freight-Out 16,700 Rent Expense 24,000 Totals $984,700 $984,700 Adjustment data: 1. Supplies on hand totaled $2,600. 2. Depreciation is $11,500 on the equipment. 3. Interest of $3,800 is accrued on notes payable at November 30. 4. Inventory actually on hand is $44,400.

Adjustment data: 1. Supplies on hand totaled $2,600. 2. Depreciation is $11,500 on the equipment. 3. Interest of $3,800 is accrued on notes payable at November 30. 4. Inventory actually on hand is $44,400.

INSTRUCTIONS: Journalize the adjusting entries and prepare a multiple-step income statement and an owners equity statement for the year, and a classified balance sheet as of November 30, 2020. Notes payable of $20,000 are due in January 2021.