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LLEGE Selected accounts for Krusty Company, a merchandiser, on December 31, 2020 are presented below. (A): Use only the accounts necessary to prepare the Multiple
LLEGE Selected accounts for Krusty Company, a merchandiser, on December 31, 2020 are presented below. (A): Use only the accounts necessary to prepare the Multiple Step Income Statement in the proper, 3-column format with a three-line heading. The adjusting entries have already been made and all accounts have normal balances. Remember to set up your 3-columns first .............$ 81,000 .....11,000 ........688,750 ...941,500 I Office Salary Expense..... Interest Revenue....... Cost of Goods Sold..... Sales.......... Sales Salary Expense...... Store Supply Expense....... Office Supply Expense...... Interest Expense..... ..95,000 16,500 .9,050 9,750 Dividends.......... 12,750 (B): Using the data from (A), above, prepare in general journal form, the entries necessary to close the accounts of Krusty Company on December 31, 2020. [four (or two) entries in all, depending on closing method used.]
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