Prepare the necessary closing entries at december 31

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Reference no: EM13480066

Problem: The December 31, 2011 adjusted trial balance for Supplementary Corporation is presented below.

Account Title	Debits	Credits

Cash	21,000
Accounts receivable	300,000
Allowance for uncollectible accounts		20,000
Prepaid rent expense	10,000
Inventory	50,000
Equipment	600,000
Accumulated depreciation - equip		250,000
Accounts payable		40,000
Note payable (due in six months)		60,000
Salaries payable		8,000
Interest payable		2,000
Capital stock		400,000
Retained earnings		100,000
Sales revenue		800,000
Cost of goods sold	480,000
Salaries expense	120,000
Rent expense	30,000
Depreciation expense	60,000
Interest expense	4,000
Bad debt expense	5,000	________
Totals	1,680,000	1,680,000

Required:

1. Prepare the necessary closing entries at December 31, 2011.

2. Prepare a multiple-step income statement at December 31, 2011.

3. Prepare a classified balance sheet at December 31, 2011.

Reference no: EM13480066

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