Question

Problem 3-04 The trial balance of Whispering Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. WHISPERING FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,150 Accounts Receivable 37,000 Inventory 48,300 Supplies 8,800 Equipment 139,600 Accumulated Depreciation-Equipment $26,300 Notes Payable 54,300 Accounts Payable 51,800 Common Stock 93,300 Retained Earnings 11,300 Sales Revenue 764,950 Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,600 Advertising Expense 27,550 Utilities Expenses 15,400 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,150 Totals $1,001,950 $1,001,950 earch O a 6 3
I am completely stuck on the last two parts of this problem if anyone could help.

Answer 1

Requirement Adjusted Trial Balance & Post-Closing Trial Balance Trial Balance Debit Credit Cash $ 33,150 Accounts Receivables $ 37,000 Inventory $ 48,300 Supplies $ 8,800 Equipment $ 139,600 Accumulated Depreciation - Equipment $ 26,300 Notes Payable $ 54,300 Accounts Payable $ 51,800 Interest Payable $ Common Stock $ 93,300 Retained Earnings $ 11,300 Sales Revenue $ 764,950 Sales Returns and Allowances $ 4,200 Cost of Goods Sold $ 495,400 Salaries and Wages Expenses $ 138,600 Advertising Expense $ 27,550 Utilities Expense $ 15,400 Maintenance and Repairs Expense $ 12,100 Depreciation Expense $ Interest Expense $ Delivery Expense $ 16,700 Supplies Expense $ Rent Expense $ 25,150 Adjustments Adj. Trial Balance Closing Entries Debit Credit Debit Credit Debit Credit $ 33,150 $ $ 37,000 $ $ 48,300 $ $ 4,000 $ 4,800 $ $ 139,600 $ $ 16,725 $ $ 43,025 $ $ 54,300 $ $ 51,800 $ 10,990 $ $ 10,990 $ $ 93,300 $ $ 11,300 $ 766,815 $ 764,950 $ $ 764,950 $ 764,950 $ $ 4,200 $ $ $ 4,200 $ 495,400 $ $ $ 495,400 $ 138,600 $ $ $ 138,600 $ 27,550 $ $ $ 27,550 $ 15,400 $ $ $ 15,400 $ 12,100 $ $ $ 12,100 16,725 $ 16,725 $ $ $ 16,725 10,990 $ 10,990 $ $ $ 10,990 $ 16,700 $ $ $ 16,700 4,000 $ 4,000 $ $ $ 4,000 $ 25,150 $ $ $ 25,150 Post-Closing Trial Balance Debit Credit $ 33,150 $ $ 37,000 $ $ 48,300 $ $ 4,800 $ $ 139,600 $ $ $ 43,025 $ $ 54,300 $ $ 51,800 $ $ 10,990 $ $ 93,300 $ 9,435 $ $ $ - - ololololololololololol 1 T $ $ $ $ $ $ - $ $ $ $ $ $ $ $ - - Total $ 1,001,950 $ 1,001,950 $ 31,715$ 31,715 $1,029,665 $ 1,029,665 $1,531,765 $1,531,765 $ 262,850 $ 262,850

$ $ $ 764,950 $ 4,200 $ 760,750 $ 495,400 $ 265,350 Requirement | Income Statement Whispering Fashion Center Income Statement For the Year Ended November 30, 2020 Particulars $ $ Sales Revenue : Sales Revenue Less : Sales Returns and Allowances Net Sales Less : Cost of Goods Sold Gross Profit Operating Expenses : Selling Expenses : Salaries and Wages Expenses $ 97,020 Advertising Expense $ 27,550 Utilities Expense $ 12,320 Delivery Expense $ 16,700 Rent Expense $ 20,120 Supplies Expense $ 4,000 Depreciation Expense $ 16,725 Total Selling Expenses $ 194,435 Administrative Expenses : Salaries and Wages Expenses $ 41,580 Utilities Expense $ 3,080 Maintenance and Repairs Expenses $ 12,100 Rent Expense $ 5,030 Total Administrative Expenses $ 61,790 Total Operating Expenses Income from Operations Other Expenses and Losses : Interest Expense Net Income / (Loss) $ 256,225 $ 9,125 $ $ 10,990 (1,865)

Credit Requirement | Closing Entries Particulars Sales Revenue Retained Earnings Debit $ 764,950 $ 764,950 $ 766,815 Retained Earnings Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expenses Advertising Expense Utilities Expense Maintenance and Repairs Expense Depreciation Expense Interest Expense Delivery Expense Supplies Expense Rent Expense $ 4,200 $ 495,400 $ 138,600 $ 27,550 $ 15,400 $ 12,100 $ 16,725 $ 10,990 $ 16,700 $ 4,000 $ 25,150