Reference no: EM13522086

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

MR. EKO FASHION CENTER
Trial Balance
November 30, 2012
	Debit	Credit
Cash	$ 8,700
Accounts Receivable	30,700
Inventory	44,700
Supplies	6,200
Equipment	133,000
Accumulated Depreciation-Equipment		$ 28,000
Notes Payable		51,000
Accounts Payable		48,500
Owner's Capital		90,000
Owner's Drawings	12,000
Sales Revenue		755,200
Sales Returns and Allowances	8,800
Cost of Goods Sold	497,400
Salaries and Wages Expense	140,000
Advertising Expense	24,400
Utilities Expense	14,000
Maintenance and Repairs Expense	12,100
Freight-out	16,700
Rent Expense	24,000
Totals	$972,700	$972,700

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 owner's equity statement for the year, and a classified balance sheet as of November 30, 2012. Notes payable of $20,000 are due in January 2013.

c) Journalize the adjusting entries.

d) Journalize the closing entries.

e) Prepare a post-closing trial balance.