Morris Inc. showed the following adjusted information on November 30, 2023, its second year-end: a. Prepare the
Question:
Morris Inc. showed the following adjusted information on November 30, 2023, its second year-end:
a. Prepare the appropriate closing entries.
b. Prepare a statement of changes in equity for the year ended November 30, 2023. No shares were issued during the second year.
Transcribed Image Text:
Assets 95,000 Liabilities 18,000 Preferred Shares 10,000 Common Shares 48,000 Retained Earnings 42,000 Cash Dividends 14,000 Revenues 87,000 Expenses 96,000 Income Summary
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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