The data needed for year-end adjustments on December 31 are asfollows.

Instructions:

1. Prepare a work sheet for the fisical year ended December 31, listing all accounts in the order givein.        

2. Prepare the multiple-step income statement.        

3. Prepare a retained earnings statement.        

4. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $15,000.        

5. Journalize the adjusting entries.        

6. Journalize the closing entries.        

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The Data needed for year-end adjustments on December 31 are as follows Cash Accounts Receivable Merchandise inventory Prepaid insurance Store supplies Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation- office equipment Accounts payable Salaries payable Uneamed rent 38,000 S 112,500 S 180,000 9,700 4,250 2,100 S 132,000 S 40,300 S 50,000 S 17,200 66,700 1,200 S 105,000 25,000 S 129,600 ote payable (final payment,2010) Capital stock Retained eamings Dividends Income summary Sales Sales retums and allowances Sales discount Purchase Purchase retums allowances Purchase Discounts Transport in Sales salaries expense Advertising expense Depreciation Expense---store equipment Store supplies expense Miscellaneous selling Expense Office salaries expense Rent Expense Insurance Expense Depreciation Expense-Office Equipment Office supplies expense Miscellaneous Administrative Expense Rent Revenue Interest Expense S 40,000 S 915,000 1.900 7.100 S 540,000 10,100 4.900 6,200 S 71,400 S 25,000 1600 44,000 S 26,000 1.650 11.600 S 1,315,000 S 1,315,000