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Geelong Publishers’ selected accounts as of 30 November 2020 follow: Selling expenses $ 18 100 Inventory $44 000 Furniture   37 300 Cash    36 100 Sales returns and allowances     3 000 Loan payable    21 700 Salary payable     1 400 Accumulated depreciation    23 100 Alawa, capital   29 400 Cost of sales    53 000 Sales revenue  114 200  Sales discounts     2 400 Accounts payable   13 400 General expenses     9 300 Requirements: 1. Prepare the functional format income statement, statement of changes in equity and balance sheet for the first year of operations. 2. Prepare closing entries for the first year of operations.

Geelong Publishers’ selected accounts as of 30 November 2020 follow: Selling expenses $ 18 100 Inventory $44 000 Furniture   37 300 Cash    36 100 Sales returns and allowances     3 000 Loan payable    21 700 Salary payable     1 400 Accumulated depreciation    23 100 Alawa, capital   29 400 Cost of sales    53 000 Sales revenue  114 200  Sales discounts     2 400 Accounts payable   13 400 General expenses     9 300 Requirements: 1. Prepare the functional format income statement, statement of changes in equity and balance sheet for the first year of operations. 2. Prepare closing entries for the first year of operations.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Geelong Publishers’ selected accounts as of 30 November 2020 follow: Selling expenses $ 18 100 Inventory $44 000 Furniture   37 300 Cash    36 100 Sales returns and allowances     3 000 Loan payable    21 700 Salary payable     1 400 Accumulated depreciation    23 100 Alawa, capital   29 400 Cost of sales    53 000 Sales revenue  114 200  Sales discounts     2 400 Accounts payable   13 400 General expenses     9 300 Requirements: 1. Prepare the functional format income statement, statement of changes in equity and balance sheet for the first year of operations. 2. Prepare closing entries for the first year of operations.

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