The trial balance of Bellemy Fason Center contained the following accounts at November 30, the end of the company’s fiscal year.

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the adjusting entries. b. Prepare an adjusted trial balance. c. Prepare a multiple-step income statement (ignore taxes) and retained earnings statement for the year and a classified balance sheet as of November 30, 2020. d. Journalize the closing entries. e. Prepare a post-closing trial balance.

The trial balance of Bellemy Fason Center contained the following accounts at November 30, the end of the company’s fiscal year. Bellemy Fason Center Trial Balance November 30, 2020 Debit Credit Cash $  28,700 Accounts Receivable 33,700 Inventory 45,000 Supplies 5,500 Equipment 133,000 Accumulated Depreciation—Equipment $  24,000 Notes Payable 51,000 Accounts Payable 48,500 Common Stock 90,000 Retained Earnings 8,000 Sales Revenue 757,200 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 140,000 Advertising Expense 26,400 Utilities Expenses 14,000 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 24,000 000,000 $978,700 $978,700 Adjustment data: 1. Supplies on hand totaled $1,500. 2. Depreciation is $15,000 on the equipment. 3. Interest of $11,000 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. Instructions a. Journalize the adjusting entries. b. Prepare an adjusted trial balance. c. Prepare a multiple-step income statement (ignore taxes) and retained earnings statement for the year and a classified balance sheet as of November 30, 2020. d. Journalize the closing entries. e. Prepare a post-closing trial balance.

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