Problem 3-04 The trial balance of Sheridan Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit SHERIDAN FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $32,970 Accounts Receivable 36,880 Inventory 48,180 Supplies 8,680 Equipment 139,360 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,760 Advertising Expense 27,490 Utilities Expenses 15,240 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,090 Totals $1,001,050 $26,180 54,180 51,680 93,180 11,180 764,650 $1,001,050 Adjustment data: 1. Supplies on hand totaled $4,680. 2. Depreciation is $16,635 on the equipment. 3. Interest of $10,720 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 manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 2. Nov. 30 3. Nov. 30 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare an adjusted trial balance. SHERIDAN FASHION CENTER Adjusted Trial Balance Debit Credit $ Total $L SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a multiple-step income statement for the year. (ignore income taxes) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SHERIDAN FASHION CENTER Income Statement $ Selling expenses $ Administrative expenses SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare retained earnings statement for the year. SHERIDAN FASHION CENTER Retained Earnings Statement $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) SHERIDAN FASHION CENTER Balance Sheet Assets $ Liabilities and Stockholders' Equity | SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit 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 LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a post-closing trial balance. SHERIDAN FASHION CENTER Post-Closing Trial Balance Debit Credit $ $
