The Akinnuoye Store is located in midtown Madison. During the

The Akinnuoye 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 company’s fiscal year on November 30, 2012, the following accounts appeared in two of its trial balances.

Unadjusted Unadjusted $ 25,200 Adjusted $ 25.200 30,500 45,000 26,000 Adjusted Notes Payable Accounts Payable Accounts R


Instructions
(a) Prepare a multiple-step income statement, an owner's equity statement, and a classified balance sheet. Notes payable are due in 2015.
(b) Journalize the adjusting entries that were made.
(c) Journalize the closing entries that arenecessary.

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