Morris Inc. showed the following adjusted information on November 30, 2020, its second year-end: a. Prepare the

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Morris Inc. showed the following adjusted information on November 30, 2020, its second year-end:

a. Prepare the appropriate closing entries.

b. Prepare a statement of changes in equity for the year ended November 30, 2020. No shares were issued during the second year.

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Fundamental Accounting Principles Volume II

ISBN: 978-1260305838

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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Question Posted: Dec 17, 2019 11:23 AM

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Morris Inc. showed the following adjusted information on November 30, 2020, its second year-end: a. Prepare the

Question:

Preferred Shares 10,000 Liabilities Assets 18,000 95,000 Retained Earnings 42,000 Common Shares 48,000 Cash Dividends 14,000 Income Summary Revenues Expenses 87,000 96,000

Step by Step Answer:

a 2020 Nov 30 Revenues 87000 Income Summary 87000 To close revenues to the income s...View the full answer

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