27 Dec The trial balance of Brennan Fashion Center contai
The trial balance of Brennan Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. BRENNAN FASHION CENTER Trial Balance 30-Nov-02 Adjustment data: 1. Store supplies on hand totaled $3,500. 2. Depreciation is $9,000 on the store equipment and $7,000 on the delivery equipment. 3. Interest of $11,000 is accrued on notes payable at November 30. 4. Merchandise inventory actually on hand is $44,400. Other data: 1. Salaries expense is 70% selling and 30% administrative. 2. Rent expense and utilities expense are 80% selling and 20% administrative. 3. $30,000 of notes payable are due for payment next year. 4. Repair expense is 100% administrative. Instructions (a) Enter the trial balance on a work sheet, and complete the work sheet. (b) Prepare a multiple-step income statement and a retained earnings statement for the year and a classified balance sheet as of November 30, 2002. (c) Journalize the adjusting entries. (d) Journalize the closing entries. (e) Prepare a post-closing trialbalance.
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