Question
6) Following is a random list of accounts with normal balances for the Lexis Merchandising as of December 31, 2013. All adjusting entries have been
6) Following is a random list of accounts with normal balances for the Lexis Merchandising as of December 31, 2013. All adjusting entries have been made. Closing entries have not been made. K. Lexis, Capital Land Sales discounts $159,000 80,000 18,000 Supplies expense 9,000 Interest revenue 14,000 Mortgage payable 80,000 Cash 22,000 Accounts receivable 34,000 Unearned service revenue 11,000 Salary expense 23,000 Accounts payable 36,000 Accumulated amort.-building 17,000 Equipment 46,000 Prepaid insurance 8,000 Interest expense 6,000 K. Lexis, Withdrawals 15,000 Sales revenue 285,000 Interest receivable 5,000 Inventory 28,000 Accumulated amort-equipment 12,000 Insurance expense 21.000 Salary payable 6.000 Supplies 4,000 Cost of goods sold 156,000 Sales returns & allowances 13,000 Amortization expense-building 8,000 Amortization expense-equipment 8,000 Interest payable 14,000 Utilities expense 8,000 Delivery expense Building 7,000 115,000 O Focus you need to edit, it's safer to stay in Protected View. Enable Editing Interest expense 6,000 K. Lexis, Withdrawals 15,000 Sales revenue 285,000 Interest receivable 5,000 Inventory 28,000 Accumulated amort.-equipment 12,000 Insurance expense 21,000 Salary payable 6,000 Supplies 4,000 Cost of goods sold 156,000 Sales returns & allowances 13,000 Amortization expense-building Amortization expense-equipment 8,000 8,000 Interest payable Utilities expense Delivery expense 14,000 8,000 7,000 115,000 Building Prepare a multi-step income statement for Lexis Merchandising for the year ended December 31, 2013. (20%)
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