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The trial balance of Blossom Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. BLOSSOM FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,690 Accounts Receivable 37,360 Inventory 48,660 Supplies 9,160 Equipment 140,320 Accumulated Depreciation-Equipment $26,660 Notes Payable 54,660 Accounts Payable 52,160 Common Stock 93,660 Retained Earnings 11,660 Sales Revenue 765,850 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,120 Advertising Expense 27,730 Utilities Expenses 15,880 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,330 Totals $1,004,650 $1,004,650 Adjustment data: 1. Supplies on hand totaled $5,160. 2. Depreciation is $16,995 on the equipment. 3. Interest of $11,820 is accrued on notes payable at November 30. Other data: 1. Salaries expense is 70% selling and 30% administrative. 2. Rent expense and utilities expenses are 80% selling and 20% administrative. 3. $30,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 2. Nov. 30 3. Nov. 30 eTextbook and Media List of Accounts Prepare an adjusted trial balance. BLOSSOM FASHION CENTER Adjusted Trial Balance Debit Credit $ $ Total $ $ eTextbook and Media List of Accounts Prepare a multiple-step income statement for the year. (ignore income taxes) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BLOSSOM FASHION CENTER Income Statement $ : Selling expenses $ $ Administrative expenses $ eTextbook and Media List of Accounts Prepare retained earnings statement for the year. BLOSSOM FASHION CENTER Retained Earnings Statement $ : $ eTextbook and Media List of Accounts Prepare a classified balance sheet as of November 30, 2020. (List current assets in order of liquidity.) BLOSSOM FASHION CENTER Balance Sheet Assets $ $ : $ Liabilities and Stockholders' Equity $ $ $ eTextbook and Media List of Accounts Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 (To close accounts with credit balances.) 2. Nov. 30 (To close accounts with debit balances.) 3. Nov. 30 (To close net income / (loss).) eTextbook and Media List of Accounts Prepare a post-closing trial balance. BLOSSOM FASHION CENTER Post-Closing Trial Balance Debit Credit $ $ $ $

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