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The trial balance of Brennan Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.BRENNAN FASHION CENTERTrial Balance30-Nov-02
Adjustment data:
1. Store supplies on hand totaled $3,500.2. Depreciation is $9,000 on the store equipment and $7,000 on the delivery equipment.3. Interest of $11,000 is accrued on notes payable at November 30.4. Merchandise inventory actually on hand is $44,400.
Other data:
1. Salaries expense is 70% selling and 30% administrative.2. Rent expense and utilities expense are 80% selling and 20% administrative.3. $30,000 of notes payable are due for payment next year.4. Repair expense is 100% administrative.
Instructions:
(a) Enter the trial balance on a work sheet, and complete the work sheet.(b) Prepare a multiple-step income statement and a retained earnings statement for the year and a classified balance sheet as of November 30, 2002.(c) Journalize the adjusting entries.(d) Journalize the closing entries.(e) Prepare a post-closing trial balance.
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