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Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2016: Mackenzie Inc. ADJUSTED TRIAL BALANCE December

Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2016:

Mackenzie Inc.

ADJUSTED TRIAL BALANCE

December 31, 2016

ACCOUNT TITLE DEBIT CREDIT

1

Cash

2,100.00

2

Accounts Receivable

2,700.00

3

Allowance for Doubtful Accounts

250.00

4

Inventory

6,700.00

5

Prepaid Insurance

800.00

6

Land

5,000.00

7

Buildings and Equipment

34,700.00

8

Accumulated Depreciation

14,700.00

9

Accounts Payable

3,500.00

10

Salaries Payable

440.00

11

Unearned Rent

360.00

12

Income Taxes Payable

2,750.00

13

Note Payable

4,600.00

14

Interest Payable

900.00

15

Common Stock

9,900.00

16

Retained Earnings

7,300.00

17

Dividends

1,400.00

18

Income Summary

19

Sales Revenue

33,770.00

20

Rent Revenue

1,370.00

21

Cost of Goods Sold

15,290.00

22

Selling Expenses

4,900.00

23

Administrative Expenses

2,600.00

24

Interest Expense

900.00

25

Income Tax Expense

2,750.00

26

Totals

79,840.00

79,840.00

For classification purposes:
Note payable is due July 1, 2020
Interest payable is due July 1, 2020
Required:
Prepare in proper form for 2016 the companys:
1. income statement
2. retained earnings statement
3. ending balance sheet
4. closing entries in its general journal

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