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

Adjustment data:
1. Supplies on hand totaled ‚¬1,500.
2. Depreciation is ‚¬15,000 on the equipment.
3. Interest of ‚¬11,000 is accrued on notes payable at November 30.
Other data:
1. Salaries and wages expense is 70% selling and 30% administrative.
2. Rent expense and utilities expense are 80% selling and 20% administrative.
3. ‚¬30,000 of notes payable are due for payment next year.
4. Maintenance and repairs expense is 100% administrative.
Instructions
a. Journalize the adjusting entries.
b. Prepare an adjusted trial balance.
c. Prepare an income statement and retained earnings statement for the year and a classified statement of financial position as of November 30, 2019.
d. Journalize the closing entries.
e. Prepare a post-closing trial balance.

Transcribed Image Text:

Bellemy Fashion Center Trial Balance November 30, 2019 Debit Credit € 28,700 Cash Accounts Receivable 33,700 Inventory 45,000 Supplies 5,500 Equipment 133,000 Accumulated Depreciation-Equipment Notes Payable € 24,000 51,000 Accounts Payable 48,500 Share Capital-Ordinary 90,000 Retained Earnings 8,000 757,200 Sales Revenue Sales Returns and Allowances 4,200 495,400 Cost of Goods Sold Salaries and Wages Expense 140,000 Advertising Expense 26,400 Utilities Expense 14,000 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 24,000 €978,700 €978,700