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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

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.

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

B: Journalize the adjusting entries.

C: Journalize the closing entries

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