The trial balance of valdez fashion center contained the

Question

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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		$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.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

8,130

Accounts Receivable

30,660

Inventory

42,090

Supplies

6,060

Equipment

134,000

Accum. 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

971,480

Supplies Expense

Depreciation Expense

Interest Expense

Interest Payable

Totals

Net Loss

Totals

VALDEZ FASHION CENTER

Income Statement

For the Year Ended November 30, 2014

VALDEZ FASHION CENTER

Owner's Equity Statement

For the Year Ended November 30, 2014

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	Debit	Credit
1.	Nov. 30
		(To adjust supplies expense.)
2.	Nov. 30
		(To adjust depreciation on equipment.)
3.	Nov. 30
		(To adjust interest expense.)
4.	Nov. 30
		(To adjust merchandise inventory.)

Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Nov. 30
	(To close accounts with credit balances.)
Nov. 30
	(To close accounts with debit balances.)
Nov. 30
	(To close net income / (loss).)
Nov. 30
	(To close drawings.)

Prepare a post-closing trial balance.

VALDEZ FASHION CENTER Post-Closing Trial Balance November 30, 2014
	Debit	Credit
	$	$
	$	$