The trial balance of Bellemy Fashion Center contained

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

BELLEMY FASHION CENTER
TRIAL BALANCE
NOVEMBER 30, 2014

Debit    Credit
Cash    $ 28,700
Accounts Receivable    33,700
Inventory    45,000
Supplies    5,500
Equipment    133,000
Accumulated Depreciation-Equipment    $ 24,000
Notes Payable        51,000
Accounts Payable        48,500
Common Stock        90,000
Retained Earnings        8,000
Sales Revenue        757,200
Sales Returns and Allowances    4,200
Cost of Goods Sold    495,400
Salaries and Wages Expense    140,000
Advertising Expense    26,400
Utilities Expenses    14,000
Maintenance and Repairs Expense    12,100
Freight-out    16,700
Rent Expense    __24,000    _______
Totals    $978,700    $978,700

Adjustment data:

 1. Supplies on hand totaled $1,500.
2. Depreciation is $15,000 on the equipment.
 3. Interest of $11,000 is accrued on notes payable at November 30.
Other data:
 1. Salaries expense is 70% selling and 30% administrative.
2. Rent expense and utilities expenses are 80% selling and 20% administrative.
3. $30,000 of notes payable are due for payment next year.
 4. Maintenance and repairs expense is 100% administrative.

Instructions:

(a) Journalize the adjusting entries.
(b) Prepare an adjusted trial balance.
(c) Prepare a multiple-step income statement and retained earnings statement for the year and a classified balance sheet as of November 30, 2014.
(d) Journalize the closing entries.
(e) Prepare a post-closing trial balance.

Here’s the SOLUTION

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