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 t November 30.
4. Merchandise inventory actually on hand is $44.400.

(a) Enter the trial balance on a worksheet, and complete the worksheet
(b) Prepare an income Statement and a retained earnings statement for the year, and a classified statement of financial position as o November 30, 2011. Notes payable of $30.000 are due in January 2012.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-dosing trialbalance.

  • CreatedMarch 11, 2013
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