P3 4 (Financial Statements, Adjusting and Closing Entries)The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
Adjustment data:
1.Supplies on hand totaled $1,500.
2.Depreciation is $15,000 on the equipment.
3.Interest of $11,000 is accrued on notes payable at November 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.Maintenance and repairs 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 November 30, 2012.
(d)Journalize the closing entries.
(e)Prepare a post closing trial balance.