prepare closing entries for the first year of operations 559683

Preparing financial statements and preparing closing entries

Alto Publishers Company’s selected accounts as of November 30, 2012, follow:

Selling expenses

$ 18,100

Inventory

$ 44,000

Furniture

37,300

Cash

36,100

Sales returns and allowances

3,000

Note payable

21,700

Salary payable

1,400

Accumulated depreciation

23,100

Alto, capital

29,400

Cost of goods sold

53,000

Sales revenue

114,200

Sales discounts

2,400

Accounts payable

13,400

General expenses

9,300

Requirements

1. Prepare the multi step income statement, statement of owner’s equity, and balance sheet for the first year of operations.

2. Prepare closing entries for the first year of operations.

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