Question: The trial balance of Terry manning Fashion Center contained the following

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.

Instructions
(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.
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  • CreatedMarch 11, 2013
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