Question

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


Adjustment data:
1. Supplies on hand totaled $2,000.
2. Depreciation is $11,500 on the equipment.
3. Interest of $4,000 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, 2014. Notes payable of $20,000 are due in January 2015.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trialbalance.


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  • CreatedJanuary 30, 2014
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