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Additional information: Muskan uses a periodic inventory system. A physical inventory count determined that merchandise inventory on December 31, 2023, was $36400. Of the mortgage

Additional information:

  1. Muskan uses a periodic inventory system.
  2. A physical inventory count determined that merchandise inventory on December 31, 2023, was $36400.
  3. Of the mortgage payable, $24000 is to be paid April 30, 2024.

Instructions

  1. Prepare a multiple-step income statement, a statement of owner's equity, and a classified balance sheet.
  2. Prepare the closing journal entries to both inventory and capital

(5 steps)

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2) The followitru in an alphabetical list of Muskan adjusted account balances at the end of the comparyys fincal year on Decender 31,2021 : 30 marks irepare financiat statensents and closing eotries - periodic sytem. 2) The followitru in an alphabetical list of Muskan adjusted account balances at the end of the comparyys fincal year on Decender 31,2021 : 30 marks irepare financiat statensents and closing eotries - periodic sytem

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