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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 end of the company’s fiscal year on November 30, 2014, the following accounts appeared in two of its trial balances.
The Deluxe Store is located in midtown Madison. During the
Instructions
(a) Prepare a multiple-step income statement, an owner’s equity statement, and a classified balance sheet. Notes payable are due in 2017.
(b) Journalize the adjusting entries that were made.
(c) Journalize the closing entries that arenecessary.
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