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PLEASE ANSWER FULL QUESTION.
The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
VALDEZ FASHION CENTER Trial Balance November 30, 2014
Debit
Credit
Cash
$ 8,130
Accounts Receivable
30,660
Inventory
42,090
Supplies
6,060
Equipment
134,000
Accumulated Depreciation—Equipment
$ 28,020
Notes Payable
51,000
Accounts Payable
45,210
Owner’s Capital
91,450
Owner’s Drawings
13,570
Sales Revenue
755,800
Sales Returns and Allowances
8,850
Cost of Goods Sold
497,400
Salaries and Wages Expense
139,900
Advertising Expense
24,400
Utilities Expense
13,780
Maintenance and Repairs Expense
12,140
Freight-out
16,690
Rent Expense
23,810
Totals
$971,480
Adjustment data:
1.
Supplies on hand totaled $2,080.
2.
Depreciation is $11,300 on the equipment.
3.
Interest of $5,050 is accrued on notes payable at November 30.
4.
Inventory actually on hand is $41,590.
VALDEZ FASHION CENTER Worksheet For the Year Ended November 30, 2014
Account Titles
Trial Balance
Adjustments
Adj. Trial Balance
Income Statement
Balance Sheet
Dr.
Cr.
8,130
Accum. Depreciation—Equipment
28,020
971,480
Supplies Expense
Depreciation Expense
Interest Expense
Interest Payable
Net Loss
VALDEZ FASHION CENTER
For the Year Ended November 30, 2014
Owner's Equity Statement
Prepare a classified balance sheet as of November 30, 2014. Notes payable of $19,890 are due in January 2015. (List current assets in order of liquidity.)
Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
Nov. 30
(To adjust supplies expense.)
(To adjust depreciation on equipment.)
(To adjust interest expense.)
(To adjust merchandise inventory.)
Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(To close accounts with credit balances.)
(To close accounts with debit balances.)
(To close net income / (loss).)
(To close drawings.)
Prepare a post-closing trial balance.
VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2014
$
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