The Deluxe Store is located in midtown Madison. During the past several years, net income has been d

 
   

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The Deluxe 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, 2015, the following accounts appeared in two of its trial balances.

(a) Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. Notes payable are due in 2018.

(b) Journalize the adjusting entries

(c) Journalize the closing entries Adjusted $ 25,860 Unadjusted Adjusted Unadjusted Accounts Payable Accounts Receivable Accumulated Depr.-Equipment $ 25,860 30,730 $28,700 $28,700 37,100 Inventory Notes payable Prepaid Insurance 30,730 37,100 35,900 47,200 10,400 3,000 Cash 25,300 25,300 Property Tax Expense 2,030 Property Taxes Payable Rent Expenses Rentained Earnings 50,400 50,400 Common Stock 2,030 Cost of Goods Sold 500,900 500,900 14,600 14,600 Dividends 10,000 10,000 35,170 35,170 Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Salaries and Wages Expense 6,400 6,400 95,200 95,200 140,000 Sales Revenue 140,000 698,000 698,000 Sales Commissions Expense 6,200 10,400 11,300 Sales Commissions Payable 7,400 4,200 Sales Returns and Allowances 6,400 6,400 7,600 7,600 Utilities Expense ,3 00 8,300 st ve