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3 Adjusted Trial Unadjusted Trial Account Name Adjustments Balance Income Statement Balance Sheet 4 Balance Debit $8,700 Debit Credit Debit Credit Credit Debit Credit Debit $8,700 Credit 5 6 Cash $8,700 7 Accounts Receivable 8 Inventory 9 Supplies 10 Equipment 11 Accumulated Depreciation-Equipment 12 Notes Payable Short Term 13 Notes Payable Long Term 14 Interest Payable 15 Accounts Payable 16 Common Stock 17 Retained Earning 30,700 44,700 6,200 133,000 $28,000 51,000 48,500 50,000 40,000 18 Dividends 12,000 19 Sales Revenue 755,200 20 Sales Returns and Allowances 8,800 21 Cost of Goods Sold 497,400 22 Salaries And Wages Expense 23 Advertising 24 Utilities Expense 25 Maintenance Repairs Expense 26 Freight-Out 27 Rent Expense 140,000 24,400 14,000 12,100 16,700 24,000 Totals 28 972,700 972,700 29 30 Net Income (Loss) 31 32 33 P5-SA 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, 2019 Debit Credit Cash 8,700 30,700 44,700 6,200 133,000 Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense 28,000 51,000 48,500 50,000 40,000 12,000 755,200 8,800 497,400 140,000 24,400 14,000 12,100 16,700 24,000 Totals $972,700 $972,700 258 5 Accounting for Merchandising Operations 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 a retained earnings statement for the year, and a classified balance sheet as of November 30, 2019. Notes payable of $20,000 are due in January 2020 (c) Journalize the adjusting entries. (d) Journalize the closing entries (e) Prepare a post-clos ing trial balance (a) Adj. trial balance $988,200 Net loss $2,200 (b) Gross profit $248,700 Total assets $179,300

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