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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 negative sign preceding the MARTINEZ FASHION CENTER Income Statement lidhu V OD LINK TO TEXT LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Prepare an owner's equity statement for the year. MARTINEZ FASHION CENTER Owner's Equity Statement X I TN TO TEYT TNV TO TEYT ITN TO TEYT 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 of liquidity.) MARTINEZ FASHION CENTER Balance Sheet 8 Assets LI Liabilities and Owner's Equity g Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 (To adjust supplies expense) 2. Nov. 30 (To adjust depreciation on equipment) I DI DO DI 3. Nov. 30 (To adjust interest expense) 4. Nov. 30 (To adjust merchandise inventory) x Your answer is incorrect. Try again. Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (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) x Your answer is incorrect. Try again. Prepare a post-closing trial balance. MARTINEZ FASHION CENTER Post Closing Trial Balance Debit Credit ilddicticidi Totals Click if you would like to Show Work for this question: Open Show Work