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The Spooky Store is located in midtown Salem. During the past several years, net income has been declining because of suburban shopping centers. At the
The Spooky Store is located in midtown Salem. During the past several years, net income has been declining because of suburban shopping centers. At the end of the companys fiscal year on October 31, 2019, the following accounts appeared on the unadjusted trial balance. Adjusting entries were entered into the worksheet but not into the adjusted trial balance.
Instructions
(a) Complete the worksheet for Spooky Store. Prepare the adjusted trial balance and extend accounts to the income statement and balance sheet columns.
(b) Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet.
(c) Journalize the closing entries that are necessary.
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