Q 25 (p. 580) Note: Refer to the Work Sheet below (Perpetual Inventory System): All the adjustments have already been done. So, simply refer to the "Income Statement" and do the necessary Closing Entries in General Journal. ACCOUNT TITLE 203 2 Accounts Receivable Merchandiwory 4 Unexpired Insurance 5 Store Equipment 6 Accum. Depreciation Store Equipment 7 Account Payable & PST Payable 9 GST Payable 10 GST Refundable 11 LyraCapital 12 LyraDrawings 13 Sales 14 Sales Returns and Allowances 15 Sales Discounts 16 Cost of Goods Sold 17 Advertising Expens 18 Rent me 19 Salaries Expense Kyra Enterprises, Work Sheet For the year ended December 31, 204 | roc TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET NO DENTE CLIDIT DER GLEDI DEBIT CREDE DES CREDT 100 28000 280.00 102 177000 177000 120 640 000 640000 130 S80 00 (b) 24000 34000 140 230 000 230000 62000 (a) 26000 88000 200 222 200 222 200 35000 350 00 30800 SON 00 200 15 000 15000 725000 728000 11 301 180000 180000 5280000 52 80000 401 160000 150000 120000 1 200 00 500 34 90 000 34 900 00 610 560000 560000 615 280 000 250000 616 420 000 420000 63 58 000 6358000 617 (a) 26800 26000 618 (b) 24 000 24000 22 50000 50000 500000 52 80000 1304000 1104000 23 200000 200000 24 52 80000 52 80000 130 40 00 190 4000 25 300 N 21 Depreciation Exp-Store Equipment 22 Insurance Expense 23 24 Net Income 26