The trial balance of Daphne Main Fashion Center contained the following accounts at Nov 30, the end of the company's fiscal year.

Trial Balance

Debit Credit

Cash $26,700

Acct. Receivable 33,700

Merchandise Inventory 45,000

Store Supplies 5,500

Store Equipment 85,000

Accumulated Deprecition--Store Equipment $18,000

Delivery Equipment 48,000

Accumulated Deprecition--Delivery Equipment 6,000

Notes payable 51,000

Accts. Payable 48,500

Common stock 90,000

Retained Earnings 8,000

Sales 757,200

Sales Returns and Allowances 4,200

Cost of Goods Sold 497,400

Salaries expense 140,000

Advertising expense 26,400

Utilities expense 14,000

Repairs expense 12,100

Delivery expense 16,700

Rent expense 24,000

978,700 978,700

Adjustment data:

1. Store supplies on hand totaled $3,500

2. Depreciation is $9,000 on the store equipment

3. Interest of $11,000 is acrued on notes payable at Nov. 30.

Other data:

1. Salaries expense is 70% selling and 30% administrative

2. Rent expense and utilities expense are 80% selling and 20% administrative

3. $30,000 of notes payable are due for payment next year

4. Repair expense is 100% administrative

Instructions:

a. Journalize the adjusting entries

b. Prepare an adjusted trial balance

c. Prepare a multiple-step income statement and retained earnings statement for the year and a classified balance sheet as of Nov. 30, 2008

d Journalize the closing entries

e. Prepare a post-closing trial balance