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The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the companys fi scal year.

Adjustment data: 1. Supplies on hand totaled $2,000. 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 $44,400.

Instructions (a) Enter the trial balance on a worksheet, and complete the worksheet. (b) Prepare a multiple-step income statement and an owners equity statement for the year, and a classifi ed balance sheet as of November 30, 2014. Notes payable of $20,000 are due in January 2015. (c) Journalize the adjusting entries. (d) Journalize the closing entries. (e) Prepare a post-closing trial balance

VALDEZ FASHION CENTER Trial Balance November 30, 2014 Credit Debit $ 8,700 30,700 44,700 6,200 133,000 $ 28,000 51,000 48,500 90,000 12,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense Totals 755,200 8,800 497,400 140,000 24,400 14,000 12,100 16,700 24,000 $972,700 $972,700 Adjustment data: 1. Supplies on hand totalcd $2,000. 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 $44,400

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