Images of the original question are attached Multi step Income Statement and Adjusting Entries Oregon Distributors, whose accounting year ends on December 31, had the following normal balances in its ledger accounts at December 31 Cash $45,750 Accounts Receivable 92,000 Inventory 84,400 Prepaid Insurance 7,200 Office Supplies 4,800 Furniture Fixtures 28,000 Accumulated Depreciation Furn Fixtures 10,800 Delivery Equipment 70,000 Accumulated Depreciation Delivery Equipment 24,400 Accounts Payable 69,400 Long term Notes Payable 30,000 Income tax expense 12,000 Common Stock $125,000 Retained Earnings 42,000 Sales Revenue 1,165,000 Cost of Goods Sold 822,200 Utilities Expense 5,600 Sales Salaries Expense 108,000 Delivery Expense 36,800 Advertising Expense 28,200 Rent Expense 30,000 Office salaries expense 72,000 During the year, the accounting department prepared monthly statements but no adjusting entries were made in the journals and ledgers Data for the year end procedures are as follows 1 Prepaid Insurance, December 31 $2,600 2 Depreciation Expense on furniture and fixtures for year 3,000 3 Depreciation Expense on delivery equip for the year 10,000 4 Salaries Payable, December 31 ($2,000 Sales and $800 Office) 2,800 5 Office Supplies on hand, December 31 1,800 Required a Record the necessary adjusting entries in general journal from at December 31 b Prepare a multi step income statement for the year Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses a Dec 31 Answer 1 Answer Answer Answer Answer Answer To record expired insurance 31 Answer 2 Answer Answer Answer Answer Answer To record depreciation expense for furniture for the year 31 Answer 3 Answer Answer Answer Answer Answer To record depreciation expense for delivery equip for the year 31 Sales Salaries Expense 4 Answer Answer Answer Answer Answer Answer Answer Answer To record accrued salaries at December 31 31 Answer 5 Answer Answer Answer Answer Answer To record office supplies used b Do not use negative signs with your answers Answer $Answer Answer Answer Gross Profit on Sales Answer Operating Expenses Answer Answer Income before Income Taxes Answer Answer Answer Net Income $ Answer

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Posted on Jun 23, 2024

Images of the original question are attached: Multi-step Income Statement and Adjusting Entries Oregon Distributors, whose accounting year ends on December 31, had the following

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Multi-step Income Statement and Adjusting Entries Oregon Distributors, whose accounting year ends on December 31, had the following normal balances in its ledger accounts at December 31.

Cash	$45,750
Accounts Receivable	92,000
Inventory	84,400
Prepaid Insurance	7,200
Office Supplies	4,800
Furniture & Fixtures	28,000
Accumulated Depreciation - Furn. & Fixtures	10,800
Delivery Equipment	70,000
Accumulated Depreciation - Delivery Equipment	24,400
Accounts Payable	69,400
Long-term Notes Payable	30,000
Income tax expense	12,000
Common Stock	$125,000
Retained Earnings	42,000
Sales Revenue	1,165,000
Cost of Goods Sold	822,200
Utilities Expense	5,600
Sales Salaries Expense	108,000
Delivery Expense	36,800
Advertising Expense	28,200
Rent Expense	30,000
Office salaries expense	72,000

During the year, the accounting department prepared monthly statements but no adjusting entries were made in the journals and ledgers. Data for the year-end procedures are as follows:

1. Prepaid Insurance, December 31	$2,600
2. Depreciation Expense on furniture and fixtures for year	3,000
3. Depreciation Expense on delivery equip. for the year	10,000
4. Salaries Payable, December 31 ($2,000 Sales and $800 Office)	2,800
5. Office Supplies on hand, December 31	1,800

Required

a. Record the necessary adjusting entries in general journal from at December 31. b. Prepare a multi-step income statement for the year. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses.