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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:
- Muskan uses a periodic inventory system.
- A physical inventory count determined that merchandise inventory on December 31, 2023, was $36400.
- Of the mortgage payable, $24000 is to be paid April 30, 2024.
Instructions
- Prepare a multiple-step income statement, a statement of owner's equity, and a classified balance sheet.
- Prepare the closing journal entries to both inventory and capital
(5 steps)
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