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.