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The trial balance of Whispering Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. WHISPERING FASHION CENTER TRIAL

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

WHISPERING FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2017

Debit

Credit

Cash $32,970
Accounts Receivable 36,880
Inventory 48,180
Supplies 8,680
Equipment 139,360
Accumulated Depreciation-Equipment $26,180
Notes Payable 54,180
Accounts Payable 51,680
Common Stock 93,180
Retained Earnings 11,180
Sales Revenue 764,650
Sales Returns and Allowances 4,200
Cost of Goods Sold 495,400
Salaries and Wages Expense 138,760
Advertising Expense 27,490
Utilities Expenses 15,240
Maintenance and Repairs Expense 12,100
Delivery Expense 16,700
Rent Expense 25,090
Totals

$1,001,050

$1,001,050

Adjustment data:

1. Supplies on hand totaled $4,680.
2. Depreciation is $16,635 on the equipment.
3. Interest of $10,720 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.

queation:

a.Journalize the adjusting entries. b.Prepare an adjusted trial balance. c.Prepare a multiple-step income statement for the year.d.Prepare retained earnings statement for the year. e. Prepare a classified balance sheet as of November 30, 2017.f.Journalize the closing entries g.Prepare a post-closing trial balance.

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