The following information is for Premier Electronics Company. At the end of the companys fiscal year on December 31, 2020, the following accounts appeared in its Unadjusted Trial Balance and Adjusted Trial Balance.

Instructions:

(a) Prepare a multiple-step income statement, an owners equity statement, and a classified balance sheet for the fiscal year. Notes payable are due in 2023

(b)Present the Journal Entries for the adjusting entries that were made.

(c) Present the journal entries for the closing entries that are necessary

Unadjusted $ 47,310 11,770 47,980 8,000 633,220 8,200 182,000 Account Title Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Cash Cost of Goods Sold Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Notes Payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense Sales Revenue Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Utilities Expense 8,000 5,000 36,200 46,000 84,200 12,000 13,500 Adjusted $ 47,310 11,770 61,480 8,000 633,220 8,200 182,000 13,500 9,000 8,000 5,000 36,200 46,000 84,200 12,000 4,500 3,500 3,500 19,000 120,000 850,000 14,000 6,000 10,000 10,600 19,000 120,000 850,000 8,000 10,000 10,600