Singleton Sports Products, which uses the perpetual inventory system, has the following account balances (in alphabetical order)

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Singleton Sports Products, which uses the perpetual inventory system, has the following account balances (in alphabetical order) on August 31, 2023:image


Additional data at August 31, 2023:


a. A physical count of items showed $14,200 of supplies were on hand.


b. An inventory count showed inventory on hand at August 31, 2023, of $247,400.


c. The equipment is expected to last 5 years and to have no value at the end of this time.


d. Unearned sales of $9,600 were earned by August 31, 2023.



Required


1. Record all adjusting and closing entries required on August 31, 2023.


2. Prepare the multi-step income statement and statement of owner’s equity for the year ended August 31, 2023, and the classified balance sheet in report format as at August 31, 2023.

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Related Book For  book-img-for-question

Horngrens Accounting Volume 1

ISBN: 9780136889373

12th Canadian Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

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