Question: PLEASE HELP WITH THE FOLLOWING PROBLEM Problem 5-03A a-c Wildhorse Store is located in midtown Madison. During the past several years, net income has been

PLEASE HELP WITH THE FOLLOWING PROBLEM

Problem 5-03A a-c

Wildhorse Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the companys fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances.

Unadjusted

Adjusted

Unadjusted

Adjusted

Accounts Payable $25,600 $25,600 Notes payable $36,500 $36,500
Accounts Receivable 31,000 31,000 Owners Capital 87,400 87,400
Accumulated Depr.Equipment 34,500 45,500 Owners Drawings 10,000 10,000
Cash 25,500 25,500 Prepaid Insurance 10,200 3,200
Cost of Goods Sold 508,000 508,000 Property Tax Expense 2,500
Freight-Out 5,900 5,900 Property Taxes Payable 2,500
Equipment 146,500 146,500 Rent Expense 15,000 15,000
Depreciation Expense 11,000 Salaries and Wages Expense 96,000 96,000
Insurance Expense 7,000 Sales Revenue 720,000 720,000
Interest Expense 6,000 6,000 Sales Commissions Expense 6,500 11,000
Interest Revenue 2,100 2,100 Sales Commissions Payable 4,500
Inventory 29,000 29,000 Sales Returns and Allowances 8,000 8,000
Utilities Expense 8,500 8,500

- PREPARE A MULTIPLE-STEP INCOME STATEMENT

-PREPARE AN OWNER'S EQUITY STATEMENT

-PREPARE A BALANCE SHEET. NOTES PAYABLE ARE DUE IN 2023

-JOURNALIZE THE ADJUSTING ENTRIES THAT WERE MADE

-JOURNALIZE THE CLOSING ENTRIES THAT ARE NECESSARY

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