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The trial balance of Blossom Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. BLOSSOM FASHION CENTER TRIAL

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

BLOSSOM FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017

Debit

Credit

Cash $33,770
Accounts Receivable 37,390
Inventory 48,690
Supplies 9,190
Equipment 140,380
Accumulated Depreciation-Equipment $26,760
Notes Payable 54,690
Accounts Payable 52,190
Common Stock 93,690
Retained Earnings 11,690
Sales Revenue 765,960
Sales Returns and Allowances 4,200
Cost of Goods Sold 495,400
Salaries and Wages Expense 138,080
Advertising Expense 27,780
Utilities Expenses 15,920
Maintenance and Repairs Expense 12,100
Delivery Expense 16,700
Rent Expense 25,380
Totals

$1,004,980

$1,004,980

Adjustment data:

1. Supplies on hand totaled $5,190.
2. Depreciation is $17,070 on the equipment.
3. Interest of $10,440 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.

1- Prepare an adjusted trial balance.

2- Prepare a multiple-step income statement for the year.

3- Prepare retained earnings statement for the year.

4- Prepare a classified balance sheet as of November 30, 2017. (List current assets in order of liquidity.)

5- 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 0 for the amounts.)

6- Prepare a post-closing trial balance.

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