The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the companys fiscal year.

Credit Trial Balance November 30, 2020 Debit Cash $21,800 Accounts Receivable 30.500 Inventory 42.900 Supplies 6.100 Equipment 135,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 10.000 Sales Revenue Sales Returns and Allowances 8,600 Cost of Goods Sold 497,200 Salaries and Wages Expense 139,700 Advertising Expense 24.400 Utilities Expense 13,800 Maintenance and Repairs Expense 11,900 Freight-out 16,700 Rent Expense 23,700 Totals $982,300 $ 27.000 50,000 59,200 90.500 755,600 $982,300 Adjustment data: 2. 3. Supplies on hand totaled $2,150. Depreciation is $11,100 on the equipment. Interest of $5,650 is accrued on notes payable at November 30. Inventory actually on hand is $42.600. 24400 13.80 110 16.70 3982.300 Net Loss Prepare a multiple-step income statement for the year. VALDEZ FASHION CENTER Income Statement For the Year Ended November 30, 2015 $. MONTANA Prepare an retained earnings statement for the year. (List items that increase retained earnings first.) VALDEZ FASHION CENTER Retained Earnings Statement For the Year Ended November 30, 2015 Prepare a classified balance sheet as of November 30, 2015. Notes payable of $20,900 are due in January 2016. (List current assets in order of liquidity.) VALDEZ FASHION CENTER Balance Sheet November 30, 2015 Assets Liabilities and Stockholders' Equity TO Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit Nov. 30 1. (To adjust supplies expense) 2. Nov. 30 (To adjust depreciation on equipment) Nov. 30 3. (To adjust interest expense) Nov. 30 4. WE (To adjust merchandise inventory) Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close accounts with credit balances) Nov. 30 UM (To close accounts with debit balances) Nov. 30 (To close net income / (loss)) IL WI Nov. 30 (To close dividends) Prepare a post-closing trial balance. VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2015 Debit Credit LINN S