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

Adjustment data:
1. Supplies on hand totaled $2,100.
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 $44,520.
Instructions
(a) Enter the trial balance on a worksheet, and complete the worksheet.
(b) Prepare a multiple-step income statement and a retained earnings statement for the year, and a classified balance sheet as of November 30, 2014.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trialbalance.

Transcribed Image Text:

Mr. Rosiak Fashion Center Trial Balance November 30, 2014 Debit Credit Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilitics Expense Maintenance and Repairs Expense Freight-Out Rent Expense $ 8,700 27,700 44,700 6,200 133,000 0 23,000 51,000 48,500 50,000 38,000 8,000 755,200 12,800 497,400 136,000 24,400 14,000 12,100 16,700 24,000 $965,700 Totals