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Q : The Trial Balance of Dephane Main Fashion Center contained the following accounts at November, 30 the end of the company fiscal year.

Dephane Main Fashion Center

Trial Balance

November 30, 2007

Debit ($) Credit ($)

Cash 26700

Accounts Receivables 33700

Merchandise Inventory 45000

Store Supplies 5500

Store Equipment 85000

Accumulated Depreciation-Store

Equipment 18000

Delivery Equipment 48000

Accumulated Depreciation-

Delivery Equipment 6000

Notes Payable 51000

Accounts Payable 48500

Common Stock 90000

Retained Earnings 8000

Sales 757200

Sales Return and allowances 4200

Cost of Goods Sold 497400

Salary Expenses 140000

Advertising Expenses 26400

Utilities Expenses 14000

Repair Expenses 12100

Delivery Expenses 16700

Rent Expenses 24000

Adjustment Data:

I. Store supplies on hand totaled $3500.

II. Depreciation is $9000 on store equipment, and $7000 on the delivery equipment.

III. Interest of $11000 is accrued on notes payable at November 30th.

Other Data:

a. Salary Expenses is 70 % selling and 30% is advertisement.

b. Rent Expenses and Utilities expense are 80% selling and 20% administrative.

c. $30000 of notes payable are due for payment next year.

d. Repair Expenses is 100% administrative.

Instructions:

1. Journalize the adjusting entries. (10 marks)

2. Prepare an adjusted trial balance. (5 marks)

3. Prepare a 10 column worksheet. (10 marks)

4. Prepare retained earnings statement. (5 marks)

5. Prepare post closing trial balance. (10 marks)

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