Question

Zinco Corp is a sporting goods store located in Washington State. At the end of the company’s calendar year on December 31, 2019, the following accounts appeared in two of its trial balances.

	Unadjusted	Adjusted
Accounts Payable	$79,300	$80,300
Accounts Receivable	$50,300	$50,300
Accumulated Depr.—Buildings	$42,100	$52,500
Accumulated Depr.—Equipment	$29,600	$42,900
Buildings	$290,000	$290,000
Cash	$23,800	$23,800
Cost of Goods Sold	$412,700	$412,700
Depreciation Expense		$23,700
Equipment	$110,000	$110,000
Insurance Expense		$7,200
Interest Expense	$3,000	$12,000
Interest Payable		$9,000
Interest Revenue	$4,000	$4,000
Inventory	$75,000	$75,000
Mortgage Payable	$80,000	$80,000
Owner’s Capital	$176,600	$176,600
Owner’s Drawings	$28,000	$28,000
Prepaid Insurance	$9,600	$2,400
Property Tax Expense		$4,800
Property Taxes Payable		$4,800
Salaries and Wages Expense	$108,000	$108,000
Sales Commissions Expense	$10,200	$14,500
Sales Commissions Payable		$4,300
Sales Returns and Allowances	$8,000	$8,000
Sales Revenue	$728,000	$728,000
Utilities Expense	$11,000	$12,000

Instructions

(a) Prepare a multiple-step income statement, an owner’s equity statement, and a classified balance sheet. $25,000 of the mortgage payable is due for payment next year.

(b) Journalize the adjusting entries that were made.

(c) Journalize the closing entries that are necessary.

No formats were given, just what I posted above

Answer 1