Superb Professors

The trial balance of Brennan Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. BRENNAN FASHION CENTER Trial Balance 30-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 trialbalance.

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