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Benson Inc. began operations several years ago. Benson Inc.'s closing entries at January 31, 2014 are shown below. Use this information to prepare a
Benson Inc. began operations several years ago. Benson Inc.'s closing entries at January 31, 2014 are shown below. Use this information to prepare a classified multi-step income statement for the year ending January 31, 2014. Date General Journal Account/Explanation F Debit Page GJ1 Credit 31/Jan Rent Earned 337,000 Sales 578,500 Income Summary 915,500 Close temporary credit balance accounts 31/Jan Income Summary Advertising Expense Cost Of Goods Sold Depreciation Expense, Office Furniture Depreciation Expense, Store Fixtures Income Taxes Expense Insurance Expense Interest Expense Office Salaries Expense. Rent expense, office space Rent expense, selling space Sales Discounts Sales Returns and Allowances Sales Salaries Expense 825,900 78,000 78,500 11,500 7,500 22,400 27,500 39,500 148,500 133,000 112,500 18,000 29,500 119,500 Close temporary debit balance accounts 31/Jan Income Summary 89,600 Retained Earnings 89,600 Close income summary 31/Jan Retained Earnings Dividends Close dividends 35,000 35,000 (select one) Income Statement (select one)
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