Peter Puck Inc. showed the following adjusted information on May 31, 2020, its second year-end: a. Prepare

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Peter Puck Inc. showed the following adjusted information on May 31, 2020, its second year-end:

a. Prepare the appropriate closing entries.

b. Prepare a statement of changes in equity for the year ended May 31, 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 11:21 AM

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Peter Puck Inc. showed the following adjusted information on May 31, 2020, its second year-end: a. Prepare

Question:

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

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a 2020 May 31 Revenues 92000 Income Summary 92000 To close revenues to the incom...View the full answer

Fundamental Accounting Principles Volume II

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