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*P5-5A The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit Cash GAOLEE FASHION CENTER Tral Balance November 30, 2017 Debit $ 20,700 Accounts Receivable 30,700 Inventory 44,700 Supplies 6.200 Equipment 133,000 Accumulated Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 12,000 Sales Revenue Sales Returns and Allowances 8,800 Cost of Goods Sold 497.400 Salaries and Wages Expense 140.000 Advertising Expense 24,400 Utilities Expense 14,000 Maintenance and Repairs Expense 12.100 Freight-Out 16,700 Rent Expense 24.000 Totals $984,700 $28.000 60,000 48,500 93.000 755,200 $984.700 Adjustment data: 1. Supplies on hand totaled $2,600. 2. Depreciation is $11,500 on the equipment. 3. Interest of $3,800 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, 2017. Notes payable of $20,000 are due in January 2018. (c) Journalize the adjusting entries. (d) Journalize the closing entries. (e) Prepare a post-closing trial balance

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