Problem 5-5A The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company's fiscal ye Credit VALDEZ FASHION CENTER Trial Balance November 30, 2017 Debit Cash $ 8,600 Accounts Receivable 28.500 Inventory 43,400 Supplies 6,100 Equipment 136,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends 13,500 Sales Revenue Sales Returns and Allowances 8,800 Cost of Goods Sold 497,300 Salaries and Wages Expense 139,800 Advertising Expense 24,400 Utilities Expense 13,900 Maintenance and Repairs Expense 12,200 Freight-Out 16,400 Rent Expense 23,600 Totals $972,500 $ 29,000 53,500 34,200 60,000 40,000 755,800 $972,500 Adjustment data: 1. Supplies on hand totaled $2,200. 2. Depreciation is $11,500 on the equipment. 3. Interest of $6,000 is accrued on notes payable at November 30. 4. Inventory actually on hand is $42,600. VALDEZ FASHION CENTER Worksheet Account Titles Adjustments Dr. Cr. Adj. Trial Balance Dr. Cr. Income Statement Dr. Cr. Balance Sheet Dr. Cr. Cash Accounts Receivable Inventory Supplies Equipment Accum. Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense Totals Supplies Expense Depreciation Expense Interest Expense Interest Payable Totals Trial Balance Dr. cr. $8,600 28,500 43,400 6,100 136,000 $29,000 53,500 34,200 60,000 40,000 13,500 755,800 8,800 497,300 139,800 24,400 13,900 12,200 16,400 23,600 $972,500 $972,500 Net Loss Totals Prepare a multiple-step income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45) VALDEZ FASHION CENTER Income Statement SHOW LIST OF ACCOUNTS Prepare a classified balance sheet as of November 30, 2017. Notes payable of $22,000 are due in January 2018. (List Current Assets in order of liquidity.) VALDEZ FASHION CENTER Balance Sheet Assets Liabilities and Stockholders' Equity Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select " Record journal entries in the order presented in the problem.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 (To adjust supplies expense) 2. Nov. 30 (To adjust depreciation on equipment) 3. Nov. 30 (To adjust interest expense) 4. Nov. 30 (To adjust merchandise inventory) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a post-closing trial balance. VALDEZ FASHION CENTER Post-Closing Trial Balance Debit Credit Totals