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    Financial Accounting

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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 CENTER
    Trial Balance
    November 30, 2002
    Debit Credit
    Cash $ 28,700
    Accounts Receivable 33,700
    Merchandise Inventory 45,000
    Store Supplies 5,500
    Store Equipment 85,000
    Accumulated Depreciation?Store Equipment $ 18,000
    Delivery Equipment 48,000
    Accumulated Depreciation?Delivery Equipment 6,000
    Notes Payable 51,000
    Accounts Payable 48,500
    Common Stock 80,000
    Retained Earnings 30,000
    Dividends 12,000
    Sales 759,200
    Sales Returns and Allowances 4,200
    Cost of Goods Sold 497,400
    Salaries Expense 140,000
    Advertising Expense 26,400
    Utilities Expense 14,000
    Repair Expense 12,100
    Delivery Expense 16,700
    Rent Expense 24,000
    Totals $992,700 $992,700

    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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    https://brainmass.com/business/business-math/91350

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    BRENNAN FASHION CENTER
    Post-closing Trial Balance
    For the Year Ended November 30, ...

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