the trial balance of terry manning fashion center contained the 358003

The trial balance of Terry Manning Fashion Center contained the following accounts at

November 30, the end of the company’s fiscal year.



Adjustment data:

1. Store supplies on hand totaled $2,500.

2. Depreciation is $9,000 on the store equipment and $5,000 on the delivery equipment.

3. Interest of $4,080 is accrued on notes payable at November 30.

4. Merchandise inventory actually on hand is $44,400.

Instructions

(a) Enter the trial balance on a worksheet, and complete the worksheet.

(b) Prepare a multiple step income statement and an owner’s equity statement for the year, and a classified balance sheet as of November 30, 2010. Notes payable of $30,000 are due in January 2011.

(c) Journalize the adjusting entries.

(d) Journalize the closing entries.

(e) Prepare a post closing trialbalance.