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 $2,010.
2. Depreciation is $11,200 on the equipment.
3. Interest of $5,540 is accrued on notes payable at November 30.
4. Inventory actually on hand is $43,900.
Journalize the adjusting entries.
Journalize the closing entries.

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VALDEZ FASHION CENTER Trial Balance November 30. 2014 Credit Cash Accounts Recaivable Inventory Supplies quipment Accumulated Depreciation- $ 8,770 30,880 44.400 6.060 130,100 $26,280 52,000 43.430 91,620 quipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings Sales Revenue Sales Returns and Allowancas Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-out RentExpense Totals 13,210 755,800 8,980 497,200 139,600 24,060 13,760 11,700 16.480 23,930 969,130 $969,130