70.2K

Verified Solution

Link Copied!

Unadjusted SSX 36.200 46.000 13.500 Accounts Payable Accounts Receivable Accumulated Depr.---Delivery Equip. Accumulated Depr.-Store Equip Cash H. Duff, Capital Cost of Goods Sold Delivery Expense Delivery Equipment Depr. Expense-Delivery Equip. Depr. Expense Store Equip. H. Duff, Drawing Insurance Expense Interest Expense Odjusted Adjusted 47.310 $ 47,310 Interest Revenue 11.770 11.770 Merchandise Inventory 15.680 19.680 Notes Payable 32.300 41.800 Prepaid Insurance 8.000 8.000 Property Tax Expense 84.200 84.200 Property Taxes Payable 633.220 633.220 Rent Expense 8.200 8.200 Salaries Expense 57.000 57.000 Sales 4.000 Sales Commissions Expense 9.500 Sales Commissions Payable 12,000 12.000 Sales Returns and Allowances 9.000 Store Equip 8,000 8.000 Utilities Expense 19.000 120,000 850,000 8.000 10,000 125.00 10,60 Analysis reveals the following additional data. 1. Salaries expense is 75% selling and 25% administrative. 2. Insurance expense is 50% selling and 50% administrative. 3. Rent expense, utilities expense, and property tax expense are administrative expenses. 4. Notes payable are due in 2011. Instructions (a) Prepare a multiple-step income statement, an owner's equity statement, and a classified bal- ance sheet. (b) Journalize the adjusting entries that were made. (e) Journalize the closing entries that are necessary. Unadjusted SSX 36.200 46.000 13.500 Accounts Payable Accounts Receivable Accumulated Depr.---Delivery Equip. Accumulated Depr.-Store Equip Cash H. Duff, Capital Cost of Goods Sold Delivery Expense Delivery Equipment Depr. Expense-Delivery Equip. Depr. Expense Store Equip. H. Duff, Drawing Insurance Expense Interest Expense Odjusted Adjusted 47.310 $ 47,310 Interest Revenue 11.770 11.770 Merchandise Inventory 15.680 19.680 Notes Payable 32.300 41.800 Prepaid Insurance 8.000 8.000 Property Tax Expense 84.200 84.200 Property Taxes Payable 633.220 633.220 Rent Expense 8.200 8.200 Salaries Expense 57.000 57.000 Sales 4.000 Sales Commissions Expense 9.500 Sales Commissions Payable 12,000 12.000 Sales Returns and Allowances 9.000 Store Equip 8,000 8.000 Utilities Expense 19.000 120,000 850,000 8.000 10,000 125.00 10,60 Analysis reveals the following additional data. 1. Salaries expense is 75% selling and 25% administrative. 2. Insurance expense is 50% selling and 50% administrative. 3. Rent expense, utilities expense, and property tax expense are administrative expenses. 4. Notes payable are due in 2011. Instructions (a) Prepare a multiple-step income statement, an owner's equity statement, and a classified bal- ance sheet. (b) Journalize the adjusting entries that were made. (e) Journalize the closing entries that are necessary

Answer & Explanation Solved by verified expert

See Answer