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The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the
The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2015, the following accounts appeared in two of its trial balances.
Journalize the closing entries that are necessary.
Date 2 Nov. 30 10 11 12 13 14 15 16 17 18 20 21 23 24 25 Unadjusted Adjusted The Deluxe Store S25,200 S 25.200 Accounts Payable Page 263 264 30,500 30,500 Accounts Receivable General Journal 34,000 Accumulated Depr. Equip. 26,000 26,000 Cash 40,000 40,000 Account Titles Common Stock Adjusting Entries 1 Cost of Goods Sold 507,000 507,000 10,000 6,500 6,500 46,000 146,000 Equipment Depreciation Expense 6.400 6.400 Interest Expense Interest Revenue S29,000 $29,000 10 Notes Payable 37,000 37,000 Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense 18 Sales Commissions Payable 4.500 Sales Returns and Allowances 8.000 8.000 19 20 Sales Revenue 700,000 700,000 I 21 Utilities Expense 8,500 500 23 24Step by Step Solution
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