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Trudel Department Store uses a periodic inventory system. The adjusted trial balance of Trudel Department Store at December 31, 2024, follows: Account Title Cash TRUDEL DEPARTMENT STORE Adjusted Trial Balance December 31, 2024 Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total Balance Debit $ 8,100 84,900 37,000 800 85,000 90,500 292,000 400 41,800 26,000 3,500 $ 670,000 Credit $ 18,400 28,900 2,400 14,800 35,000 30,000 28,900 395,000 110,000 6,600 $ 670,000

Trudel Department Store uses a periodic inventory system. The adjusted trial balance of Trudel Department Store at December 31, 2024, follows: Account Title Cash TRUDEL DEPARTMENT STORE Adjusted Trial Balance December 31, 2024 Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total Balance Debit $ 8,100 84,900 37,000 800 85,000 90,500 292,000 400 41,800 26,000 3,500 $ 670,000 Credit $ 18,400 28,900 2,400 14,800 35,000 30,000 28,900 395,000 110,000 6,600 $ 670,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Trudel Department Store uses a periodic inventory system. The adjusted trial balance of Trudel Department Store at December 31, 2024, follows: Account Title Cash TRUDEL DEPARTMENT STORE Adjusted Trial Balance December 31, 2024 Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total Balance Debit $ 8,100 84,900 37,000 800 85,000 90,500 292,000 400 41,800 26,000 3,500 $ 670,000 Credit $ 18,400 28,900 2,400 14,800 35,000 30,000 28,900 395,000 110,000 6,600 $ 670,000
Transcribed Image Text:Trudel Department Store uses a periodic inventory system. The adjusted trial balance of Trudel Department Store at December 31, 2024, follows: Account Title Cash TRUDEL DEPARTMENT STORE Adjusted Trial Balance December 31, 2024 Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total Balance Debit $ 8,100 84,900 37,000 800 85,000 90,500 292,000 400 41,800 26,000 3,500 $ 670,000 Credit $ 18,400 28,900 2,400 14,800 35,000 30,000 28,900 395,000 110,000 6,600 $ 670,000
1. Prepare Trudel Department Store's multi-step income statement for the year ended December 31, 2024. Assume ending Merchandise Inventory is $36,200. 1. Gross Profit $218,400 1. Gross Profit $218,400 2. Journalize Trudel Department Store's closing entries. 3. Prepare a post-closing trial balance as of December 31, 2024.
Transcribed Image Text:1. Prepare Trudel Department Store's multi-step income statement for the year ended December 31, 2024. Assume ending Merchandise Inventory is $36,200. 1. Gross Profit $218,400 1. Gross Profit $218,400 2. Journalize Trudel Department Store's closing entries. 3. Prepare a post-closing trial balance as of December 31, 2024.
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