The trial balance of Terry Manning Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.
Adjustment data:
1. Store supplies on hand totaled $2,500.
2. Depreciation is $9,000 on the store equipment and $5,000 on the delivery equipment.
3. Interest of $4,080 is accrued on notes payable at November 30.
4. Merchandise 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 owner's equity statement for the year, and a classified balance sheet as of November 30, 2010. Notes payable of $30,000 are due in January 2011.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trialbalance.