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