The following is a complete adjusted trial balance of Green Book Merchandising for the year ending December
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Accounts Payable | $7,600 |
Accounts Receivable | 20,000 |
Accumulated Depreciation - Store Equipment | 60,000 |
Advertising expense | 4,950 |
Cash | 2,100 |
Cost of Goods Sold | 23,700 |
Delivery Expense | 300 |
Depreciation expense | 500 |
F. Book, Capital | 22,600 |
F. Book, Drawings | 500 |
Insurance expense | 1,200 |
Interest Expense | 1030 |
Interest Revenue | 500 |
Merchandise Inventory | 5,750 |
Note Payable due June 30, 20X8 | 10,000 |
Note Receivable due Aug 31, 20X9 | 4,000 |
Prepaid Insurance | 170 |
Salaries expense | 15,000 |
Sales | 52,700 |
Sales discounts | 200 |
Sales Returns and Allowances | 1,200 |
Store Equipment | 70,000 |
Supplies | 1,100 |
Supplies expense | 1,700 |
Required:
- Prepare in good form a multi-step income statement sheet for Green Book Merchandising for the year ended December 31, 20X7, using the accounts listed.
- Prepare in good form statement of owner's equity for Green Book Merchandising for the year ended December 31, 20X7, using the accounts listed.
- Journalize the closing entries at December 31, 20X7 .
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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