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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.
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