Problem Two
Below you will find the adjusted trial balance for Black EyedPeas. Complete the
Multiple-Step Income Statementand theClosing Entriesfor this business. Don’tforget
the double-underlines, $ signs, single-underlines, and allformatting conventionss.
Black-Eyed Peas |
Adjusted Trial Balance |
For the Year Ended February 28, 2019 |
| Debit | Credit |
Cash | 49,000 | |
Accounts Receivable | 29,000 | |
Inventory | 93,000 | |
Prepaid Insurance | 7,000 | |
Office Supplies | 3,000 | |
Equipment | 85,000 | |
Accumulated Depreciation-Equipment | | 8,500 |
Accounts payable | | 12,000 |
Salaries payable | | 2,000 |
Unearned service revenue | | 20,000 |
Mortgage payable, Long-term | | 100,000 |
Common Stock | | 30,000 |
Retained Earnings | | 48,500 |
Dividends | 10,000 | |
Sales Revenue | | 400,000 |
Cost of Goods Sold | 131,000 | |
Selling Expenses | 140,000 | |
Administrative Expenses | 54,000 | |
Interest Expense | 20,000 | _______ |
Totals | 621,000 | 621,000 |
Journal Page 8 |
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