Mackey Department Store is located near the Village Shopping Mall. At the end of the companys calendar

Mackey Department Store is located near the Village Shopping Mall. At the end of the company’s calendar year on December 31, 2014, the following accounts appeared in two of its trial balances.

Instructions
(a) Prepare a multiple-step income statement, an owner’s equity statement, and a classified balance sheet. $25,000 of the mortgage payable is due for payment next year.
(b) Journalize the adjusting entries that were made.
(c) Journalize the closing entries that arenecessary.

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Unadjusted Adjusted Unadjusted Adjusted 75,000 75,000 80,000 176,600 176,600 28,000 2,400 4,800 4,800 108,000 14,500 4,300 8,000 728,000 728,000 12,000 79,300 80,300 Inventory 50,300 42,100 29,600 50,300 Mortgage Payable 52,500 Owner's Capital 42,900 Owner's Drawings 80,000 28,000 9,600 290,000 290,000 Prepaid Insurance 23,800 23,800 Property Tax Expense 412,700 412,700 Property Taxes Payable 23,700 Salaries and Wages Expense 108,000 110,000 110,000 Sales Commissions Expense 7,200 12,000 9,000 4,000 Sales Commissions Payable Sales Returns and Allowances Sales Revenue Utilities Expense 10,200 8,000 11,000 3,000 4,000