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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
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 Office Salary Expense......... Interest Revenue...... Cost of Goods Sold.... Sales........... ..688,750 .941,500 .95,000 16,500 Sales Salary Expense...... Store Supply Expense......... Office Supply Expense....... Interest Expense....... Dividends............... ..9,050 9.750 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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