The following adjusted account information, in alphabetical order, was taken from the work sheet of John's Electronics

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The following adjusted account information, in alphabetical order, was taken from the work sheet of John's Electronics for the month ended April 30, 2014. A physical count on April 30, 2014, revealed a merchandise inventory balance actually on hand of $2,460.

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Required
a. Calculate net sales.
b. Calculate cost of goods sold.
c. Prepare a classified multiple-step income statement for the month ended April 30, 2014.
d. Prepare closing entries.
e. Calculate the post-closing balance in the capital account at April 30, 2014.
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Related Book For  book-img-for-question

Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

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