The trial balance of Bonita Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. BONITA FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,060 36,940 48,240 8,740 139,480 $26,240 54,240 51,740 93,240 11,240 Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Delivery Expense Rent Expense 764,800 4,200 495,400 138,680 27,520 15,320 12, 100 16,700 25,120 Rent Expense Totals 25,120 $1,001,500 $1,001,500 Adjustment data: 1. 2. 3. Supplies on hand totaled $4,740. Depreciation is $16,680 on the equipment. Interest of $11,810 is accrued on notes payable at November 30. Other data: 1. 2. 3. Salaries expense is 70% selling and 30% administrative. Rent expense and utilities expenses are 80% selling and 20% administrative. $30,000 of notes payable are due for payment next year. Maintenance and repairs expense is 100% administrative. 4. (a) Your answer is correct. 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 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Date Account Titles and Explanation Nov. 1. Supplies Expense 30 4000 Supplies 4000 2. Nov. 30 Depreciation Expense 16,680 Accumulated Depreciation Equipment 16,680 3. Nov. 30 Interest Expense 11,810 Interest Payable 11,810 (b) Your Answer Correct Answer Your answer is correct. Prepare an adjusted trial balance. BONITA FASHION CENTER Adjusted Trial Balance November 30, 2020 V Debit Credit Cash $ 33,060 $ Accounts Receivable 36,940 Inventory 48,240 Supplies 4740 Equipment 139,480 Accumulated Depreciation Equipment 42920 - --LI- CA Notes Payable 54,240 Accounts Payable 51,740 Interest Payable 11810 Common Stock 93240 Retained Earnings 11240 Sales Revenue 764800 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,680 Advertising Expense 27,520 Utilities Expenses 15,320 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,120 Supplies Expense 4000 Depreciation Expense 16680 Depreciation Expense 16680 Interest Expense 11,810 Total $ 1029990 1029990 eTextbook and Media List of Accounts (c1) Prepare a multiple-step income statement for the year. (ignore income taxes) (Enter loss using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) BONITA FASHION CENTER Income Statement For the Year Ended November 30, 2020 Sales Revenue Sales Less Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling expenses Salaries and Wages Expense $ Advertising Expense Selling expenses Salaries and Wages Expense $ Advertising Expense Utilities Expenses Delivery Expense Rent Expense Supplies Expense Depreciation Expense Total Selling Expenses Administrative expenses Salaries and Wages Expense Utilities Expenses Maintenance and Repairs Expense Rent Expense Total Administrative Expenses Net Income /(Loss)