Problem 3-04 The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. BELLEMY FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $28,700 33,700 Accounts Receivable Inventory 45,000 Supplies 5,500 Equipment 133,000 Accumulated Depreciation-Equipment $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 Utilities Expenses 26,400 14,000 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 24,000 Totals $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. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manual amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit No. Date Nov. 30 1. Nov. 30 2. Nov. 30 3. BELLEMY FASHION CENTER Adjusted Trial Balance Debit Credit $ $ Total Prepare a multiple-step income statement for the year. (ignore income taxes) (Enter loss using either a negative sign preceding the number e.g. -4 BELLEMY FASHION CENTER Income Statement $ Selling expenses $ Administrative expenses $ Prepare retained earnings statement for the year. BELLEMY FASHION CENTER Retained Earnings Statement $ SHOW LIST OF ACCOUNTS Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) BELLEMY FASHION CENTER Balance Sheet Assets Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) BELLEMY FASHION CENTER Balance Sheet Assets $ : Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. amounts.) Account Titles and Explanation Debit Credit No. Date 1. Nov. 30 (To close accounts with credit balances.) 2. Nov. 30 (To close accounts with debit balances.) 3. Nov. 30 (To close net income / (loss).) SHOW LIST OF ACCOUNTS Prepare a post-closing trial balance. BELLEMY FASHION CENTER Post-Closing Trial Balance Debit Credit Prepare a post-closing trial balance. BELLEMY FASHION CENTER Post-Closing Trial Balance Credit Debit $ $ $ $
