*P5-8A The trial balance of Terry Manning Fashion Center contained the following accounts

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*P5-8A The trial balance of Terry Manning Fashion Center contained the following accounts
at November 30, the end of the company’s fiscal year.

TERRY MANNING FASHION CENTER
Trial Balance
November 30, 2008
Debit Credit
Cash $ 28,700
Accounts Receivable 30,700
Merchandise Inventory 44,700
Store Supplies 6,200
Store Equipment 85,000
Accumulated Depreciation—Store Equipment $ 22,000
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 755,200
Sales Returns and Allowances 8,800
Cost of Goods Sold 497,400
Salaries Expense 140,000
Advertising Expense 24,400
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 $2,500.
2. Depreciation is $9,000 on the store equipment and $5,000 on the delivery equipment.
3. Interest of $4,080 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 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, 2008.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trial balance.