The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.\n\n \nAdjustment data:
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
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Adjustment data:
\r\n1. Supplies on hand totaled $1,500.
\r\n2. Depreciation is $15,000 on the equipment.
\r\n3. Interest of $11,000 is accrued on notes payable at November 30.
\r\nOther data:
\r\n1. Salaries expense is 70% selling and 30% administrative.
\r\n2. Rent expense and utilities expenses are 80% selling and 20% administrative.
\r\n3. $30,000 of notes payable are due for payment next year.
\r\n4. Maintenance and repairs expense is 100% administrative.
\r\nInstructions
\r\n(a) Journalize the adjusting entries.
\r\n(b) Prepare an adjusted trial balance.
\r\n(c) Prepare a multiple-step income statement and retained earnings statement for the year and a classified
\r\nbalance sheet as of November 30, 2014.
\r\n(d) Journalize the closing entries.
\r\n(e) Prepare a post-closing trial balance.