The trial balance of Crane Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit CRANE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $32,700 Accounts Receivable 36,700 Inventory 48,000 Supplies 8,500 Equipment 139,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 139,000 Advertising Expense 27,400 Utilities Expenses 15,000 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,000 Totals $999,700 $26,000 54,000 51,500 93,000 11,000 764,200 $999,700 Adjustment data: 1. Supplies on hand totaled $4,500. 2. Depreciation is $16,500 on the equipment. 3. Interest of $10,100 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. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 2. Nov. 30 3. Nov. 30 Prepare an adjusted trial balance. CRANE FASHION CENTER Adjusted Trial Balance Debit Credit Total Prepare a multiple-step income statement for the year. (ignore income taxes) (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) CRANE FASHION CENTER Income Statement Selling expenses Administrative expenses Prepare retained earnings statement for the year. CRANE FASHION CENTER Retained Earnings Statement Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) CRANE FASHION CENTER Balance Sheet Assets Liabilities and Stockholders' Equity Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is require the amounts.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 (To close accounts with credit balances.) 2. Nov. 30 (To close accounts with debit balances.) 3. Nov. 30 Prepare a post-closing trial balance. CRANE FASHION CENTER Post-Closing Trial Balance Debit Credit