Question
Allarco Inc. began operations several years ago. Allarco Inc.'s closing entries at December 31, 2014 are shown below. Use this information to prepare a classified
Allarco Inc. began operations several years ago. Allarco Inc.'s closing entries at December 31, 2014 are shown below. Use this information to prepare a classified multi-step income statement for the year ending December 31, 2014.
General JournalPage GJ1DateAccount/ExplanationFDebitCredit31/Dec Rent Earned 201,000Sales 411,000Income Summary 612,000Close temporary credit balance accounts 31/DecIncome Summary 590,400Advertising Expense 92,000Cost Of Goods Sold 61,000Depreciation Expense, Office Furniture 9,500Depreciation Expense, Store Furniture 12,500Income Taxes Expense 5,400Insurance Expense 15,500Interest Expense 30,500Office Supplies Expense 39,500Rent expense, office space 120,000Rent expense, selling space 121,500Sales Discounts 22,500Sales Returns and Allowances 23,000Store Supplies Expense 37,500Close temporary debit balance accounts 31/DecIncome Summary 21,600Retained Earnings 21,600Close income summary 31/DecRetained Earnings 37,000Dividends 37,000Close dividends |
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