From the partial worksheet for Justin's Supplies in Figure 12.18, do the following:

1. Complete the worksheet.

2. Prepare the income statement, statement of owner's equity, and classified balance sheet. (The amount of the mortgage due the first year is $820.)

3. Journalize the adjusting and closing entries.

Transcribed Image Text:

JUSTIN'S SUPPLIES FOR YEAR ENDED DECEMBER 31, 201x Trial Balance Adjustments Account Titles Accounts Receivable Merch. Inventory, 1/01/1X Prepaid Insurance 23 0000 109000o 370000 (B) 10 20000 (A) 10 90 000 (E)5100o (D)39 00o Accum. Dep., Equipment Accounts Payable Unearned Training Fees Mortgage Payable P. Justin, Capital P. Justin, Withdrawals Income Summary 108000 5060 00 21 00 00 (C29000 12 1000 10580 00 430000 (A) 10190101001 (B) 10|2|0|0|00 964 4 00o 315 000 263000 63 7000o Sales Returns and Allowances Sales Discount 13 3 000o 318000 Purchases Returns and Allow. Purchases Discounts Freight-In Advertising Expense 261 0 00 1100 00o 103 0 00o 132000o 13295 000 1329 5000 se Salaries Expense (c29 000 Training Fees Earned Dep. Exp., Equipment Insurance Expense (D)39000 (E) 51000 22 2 19 0l0o 22 219 000