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The trial balance of Sarasota Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. Adjustment data: 1. Supplies
The trial balance of Sarasota Fashion Center contained the following accounts at November 30, the end of the companys fiscal year.
Adjustment data:
1. | Supplies on hand totaled $4,770. | |
2. | Depreciation is $16,755 on the equipment. | |
3. | Interest of $11,850 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. Prepare an adjusted trial balance. Prepare a multiple-step income statement for the year. Prepare retained earnings statement for the year. Prepare a classified balance sheet as of November 30, 2017 Journalize the closing entries.
-------------- Prepare a post-closing trial balance. |
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