Answered step by step
Verified Expert Solution
Question
1 Approved Answer
all i need is closing entries of this one Question #3 - Classified Income Statement Prepare a Classified Income Statement for Dewey's Accounting School using
all i need is closing entries of this one Question #3 - Classified Income Statement Prepare a Classified Income Statement for Dewey's Accounting School using the adjusted trial balance below. Income Statement formatted paper on next page. The mortgage will be paid over 10 years. The bank loan will be paid over five years. Dewey's Accounting School Adjusted Trial Balance November 30, 2019 Cash Accounts Receivable Merchandise Inventory - Accounting Books Merchandise Inventory - Calculators Office Supplies Office Equipment Accounting Equipment Furniture Building Accounts Payable Mortgage Payable Bank loan Payable Dewey, Withdrawals Dewey, Capital Sales - Accounting Books Sales Discounts Sales Returns & Allowances - Accounting Books S 6,200 21,750 55,000 15,950 1,100 12,335 24,450 12,500 225,000 $ 37,700 165,000 118,472 24,000 45,225 334343 4615 6450 Cost of Goods Sold - Accounting Books Advertising Expense Utilities Expense Employee Wages Expense Entertainment Expense Insurance Expense Repairs Expense 188500 18,000 12,000 53,665 1,500 4,225 13,500 $700,740 $700,740 Question #4 - Classified Balance Sheet Prepare a Classified Balance Sheet for Dewey's Accounting School using the adjusted trial balance above. Balance Sheet formatted paper follows question #3 Income Statement formatted paper, Question #5 - Closing Entries Use the preceding trial balance to create closing entries. Journal page follows question #4 Balance Sheet formatted paper
all i need is closing entries of this one
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started