Problem 5-5A

The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the companys fiscal year.

VALDEZ FASHION CENTER Trial Balance November 30, 2015
		Debit		Credit
Cash		$ 8,030
Accounts Receivable		28,930
Inventory		42,450
Supplies		6,040
Equipment		131,500
Accumulated DepreciationEquipment				$ 26,030
Notes Payable				51,000
Accounts Payable				37,160
Common Stock				51,440
Retained Earnings				44,970
Dividends		12,330
Sales Revenue				755,300
Sales Returns and Allowances		8,660
Cost of Goods Sold		497,300
Salaries and Wages Expense		139,900
Advertising Expense		24,210
Utilities Expense		13,910
Maintenance and Repairs Expense		12,160
Freight-Out		16,570
Rent Expense		23,910
Totals		$965,900		$965,900

Adjustment data:

1.		Supplies on hand totaled $2,190.
2.		Depreciation is $11,400 on the equipment.
3.		Interest of $4,530 is accrued on notes payable at November 30.
4.		Inventory actually on hand is $42,050.

Enter the trial balance on a worksheet, and complete the worksheet.

Enter the trial balance on a worksheet, and complete the wo

A: Complete the worksheet (Trial Balance, Adjustments, Adj. Trial Balance, Income Statement, Balance Sheet)

B: Journalize the adjusting entries.

C: Journalize the closing entries

List Of Accounts:

Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Common Stock Cost of Goods Sold Depreciation Expense Dividends Equipment Freight-in Freight-out Gain on Disposal of Plant Assets Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Mortgage Payable Notes Payable Operating Expenses Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Commissions Expense Sales Commissions Payable Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Supplies Expense Utilities Expense Utilities Payable