The trial balance of Daphne Main 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 $3,500.
2. Depreciation is $9,000 on the store equipment and $7,000 on the delivery equipment.
3. Interest of $11,000 is accrued on notes payable at November 30.
Other data:
1. Salaries 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. Repair expense is 100% administrative.

Instructions
(a) Journalize the adjusting entries.
(b) Prepare an adjusted trial balance.
(c) Prepare a multiple-step income statement and retained earnings statement for the year and a classified balance sheet as of November 30, 2008.
(d) Journalize the closing entries.
(e) Prepare a post-closing trialbalance.

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Daphne Main Fashion Center Trial Balance November 30, 2008 Debit Credit $ 26,700 33,700 45,000 5,500 85,000 Cash Accounts Receivable Merchandise Inventory Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense $18,000 48,000 6,000 51.000 48,500 90,000 8,000 757,200 4,200 497,400 140,000 26,400 14,000 12,100 16,700 24,000 $978,700 $978,700