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The trial balance of valdez fashion center contained tge following accounts at november 30, the end of the conpanys fiscal year.

The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit VALDEZ FASHION CENTER Trial Balance November 30, 2015 Debit Cash $ 9,030 Accounts Receivable 30,560 Inventory 42,300 Supplies 6,200 Equipment 133,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends 10,830 Sales Revenue Sales Returns and Allowances 8,770 Cost of Goods Sold 497,300 Salaries and Wages Expense 139,900 Advertising Expense 24,090 Utilities Expense 13,930 Maintenance and Repairs Expense 11,560 Freight-Out 16,700 Rent Expense 23,550 Totals $967,720 $ 29,870 51,000 36,750 51,120 43,580 755,400 $967,720 Adjustment data: 1. Supplies on hand totaled $2,020. 2. Depreciation is $11,500 on the equipment. 3. Interest of $4,820 is accrued on notes payable at November 30. 4. Inventory actually on hand is $42,000. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 (To adjust supplies expense) 2. Nov. 30 (To adjust depreciation on equipment) Nov. 30 3 (To adjust interest expense) 4. Nov. 30 (To adjust merchandise inventory) Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close accounts with credit balances) Nov. 30 (Todose accounts with debit balances) Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Nov. 30 Debit Credit (To close accounts with credit balances) Nov. 30 (To close accounts with debit balances) Nov. 30 (To close net income / (loss)) Nov. 30 (To close dividends) Prepare a post-closing trial balance. VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2015 Debit Credit

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