Peter Puck Inc. showed the following adjusted information on May 31, 2014, its second year-end: a. Prepare

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Peter Puck Inc. showed the following adjusted information on May 31, 2014, its second year-end:

a. Prepare the appropriate closing entries.
b. Prepare a statement of changes in equity for the year ended May 31, 2014. No shares were issued during the secondyear.

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Fundamental Accounting Principles Volume II

ISBN: 978-1259066511

14th Canadian Edition

Authors: Larson Kermit, Jensen Tilly

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Question Posted: Jan 08, 2015 08:53 AM

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Peter Puck Inc. showed the following adjusted information on May 31, 2014, its second year-end: a. Prepare

Question:

Assets Liabilities Preferred Shares 120,000 40,500 7,000 Common Shares Retained Earnings Cash Dividends 13,000 29,000 3,500 Revenues Expenses Income Summary 92,000 58,000

Step by Step Answer:

a 2014 May 31 Revenues 92000 Income Summary 92000 To close revenue...View the full answer

Fundamental Accounting Principles Volume II

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