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Interest expense3,800 Net loss($1,400)GAOLEE FASHION CENTEROwner's Equity StatementFor the Year Ended November 30, 2017Owner's Capital, December 1, 2016$93,000 Less: Net loss$1,400Drawings12,000 13,400 Owner's Capital, November 30, 2017$79,600 GAOLEE FASHION CENTERBalance SheetNovember 30, 2017AssetsCurrent assetsCash$20,700 Accounts Receivable30,700 Inventory44,400 Supplies2,600 Total current assets$98,400 Property, plant and equipmentEquipment$133,000
Accumulated depreciation -(39,500)93,500equipmentTotal assets$191,900 Liabilities and Owner's EquityCurrent liabilitiesAccount payable$48,500Notes payable (due next year)20,000 Interest payable3,800Total current liabilities$72,300Long-term liabilitiesNotes payable 40,000 Total liabilities112,300 Owner's equityOwner's capital79,600 Total liabilities and owner's equity$191,900 (c ) Journalize the adjusting entries.Nov. Supplies Expense3,600 Supplies3,600 Nov. Depreciation Expense11,500 Accum Dep-Equip11,500 Nov. Interest Expense3,800 Interest Payable3,800 Nov. Cost of Goods Sold300 Inventory300 (d) Journalize the closing entries.Sales RevenueNov. Select Account755,200 Income Summary755,200 Nov. Income Summary756,600 Sales Returns Allowances8,800 Cost of Goods Sold497,700 Salaries & Wages Exp140,000 Advertising Exp24,400