On December 31 2015 the balances of the accounts appearing
On December 31, 2015, the balances of the accounts appearing in the ledger of Triple Creek Company are as follows:
1. Does Triple Creek Company use a periodic or perpetual inventory system? Explain.
2. Prepare a multiple-step income statement for Triple Creek Company for the year ended December 31, 2015. The inventory as at December 31, 2015, was $94,100.
3. Prepare the closing entries for Triple Creek Company as at December 31, 2015.
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