Question: Cruiser s Boat Supply uses the periodic inventory method The adjusted

Cruiser’s Boat Supply uses the periodic inventory method. The adjusted trial ­balance of Cruiser’s Boat Supply at December 31, 2015, follows:


Requirements
1. Journalize the required closing entries at December 31, 2015. Assume ending Merchandise Inventory is $ 53,260.
2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts and calculate their ending balances.
3. How much was Cruiser’s net income or netloss?
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  • CreatedJanuary 16, 2015
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