Question: The trial balance of Gaolee Fashion Center contained the following

The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.


Adjustment data:
1. Supplies on hand totaled $2,600.
2. Depreciation is $11,500 on the equipment.
3. Interest of $3,800 is accrued on notes payable at November 30.
4. 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, 2017. Notes payable of $20,000 are due in January 2018.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trialbalance.
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  • CreatedMarch 02, 2015
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