the trial balance of runway fashion center contained the account 358001

The trial balance of Runway Fashion Center contained the accounts on the next page at November 30, the end of the company’s fiscal year.

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Adjustment data:

1. Store supplies on hand total $3,100.

2. Depreciation is $14,000 on the store equipment and $6,000 on the delivery equipment.

3. Interest of $4,400 is accrued on notes payable at November 30.

4. Income tax due and unpaid at November 30 is $3,000.

Other data: $24,000 of notes payable are due for payment next year.

Instructions

(a) Journalize the adjusting entries.

(b) Prepare T accounts for all accounts used in part (a). Enter the trial balance amounts into the T accounts and post the adjusting entries.

(c) Prepare an adjusted trial balance.

(d) Prepare a multiple step income statement and a retained earnings statement for the year, and a classified balance sheet at November 30,2012.