Problem 3-04 The trial balance of Whispering Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit 48,300 WHISPERING FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,150 Accounts Receivable 37,000 Inventory Supplies 8,800 Equipment 139,600 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 138,600 Advertising Expense 27,550 Utilities Expenses 15,400 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,150 Totals $1,001,950 $26,300 54,300 51,800 93,300 11,300 764,950 $1,001,950 Maintenance and Repairs Expense Delivery Expense Rent Expense Totals 12,100 16,700 25,150 $1,001,950 $1,001,950 Adjustment data: 1. Supplies on hand totaled $4,800. 2. Depreciation is $16,725 on the equipment. 3. Interest of $10,990 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.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 2. Nov. 30 Nou 10 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. WHISPERING 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.-45 or parentheses e.g. (45).) WHISPERING FASHION CENTER Income Statement Selling expenses S CALCU $ ministrative expenses Prepare retained earnings statement for the year. WHISPERING 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.) WHISPERING FASHION CENTER Balance Sheet Assets Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) WHISPERING FASHION CENTER Balance Sheet Assets $ $ $ Liabilities and Stockholders' Equity CALCULATOR PRINTER VERSION Liabilities and Stockholders' Equity urnalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No ntry" for the account titles and enter o for the amounts.) lo. Debit Credit Date Account Titles and Explanation Nov. 30 . (To close accounts with credit balances.) . Nov. 30 (To close accounts with debit balances.) Nov. 30 (To close net income / (loss).) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT epare a post-closing trial balance. WHISPERING FASHION CENTER Post-Closing Trial Balance Debit Credit Prepare a post-closing trial balance. WHISPERING FASHION CENTER Post-Closing Trial Balance Debit Credit
