The trial balance of Pharoah Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. PHAROAH FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Debit Credit $33,680 37,360 48,630 9.100 140.260 $26,700 54.630 Notes Payable Accounts Payable 52,130 Common Stock Retained Earnings Dividends 93,630 11,630 12,100 Sales Revenue Sales Returns and Allowances 765.810 4.200 Cost of Goods Sold 495.400 Salaries and Wages Expense 138.160 Advertising Expense 27.750 Utilities Expenses 15.840 Delivery Expense 16,700 Rent Expense 25,350 Totals $1,004,530 $1.004,530 Adjustment data: 1. Supplies on hand totaled $5,130. 2. Equipment has a combined salvage value of $7,980 and a remaining life of 8 years. It is depreciated on the straight-line basis. 3. Bad debts are estimated to be 2.5% of the ending balance of accounts receivable. 4. A physical count of inventory determined that $46,560 was on hand at November 30. 5. The issue date of the note payable is July 1, 2017. The interest rate is 8% per annum. 6. Of the advertising expense recorded, $22,250 represents the cost of advertising taken out for the current fiscal year. The remainder is for advertising placements for the following year. 7. Products delivered to customers on November 29 with an invoice price of $2,950 and cost of $1,925 were billed on December 4, 2017. 8. The amount charged to Rent Expense represents the amount paid on a 15-month lease that runs through May 31, 2018. (a) Prepare a complete worksheet. (b) Journalize the adjusting entries. (c) Prepare a multiple-step income statement for the year. (d) Prepare retained earnings statement for the year. (e) Prepare a balance sheet as of November 30, 2017. (f) Journalize the closing entries. (9) Record the reversing entry for each item where appropriate. Explain why a reversing entry is appropriate or inappropriate for each adjusting entry