Maine Department Store is located near the Village Shopping Mall. At the end of

Question

Maine Department Store is located near the Village Shopping Mall. At the end of the company's fiscal year on December 31, 2012, the following accounts appeared in two of its trial balances.

Unadjusted Adjusted Unadjusted Adjusted
Accounts Payable $79,300 $79,300
Interest Payable $8,000
Accounts Receivable 50,300 50,300
Interest Revenue $4,000 4,000
Accumulated Depr. - Building 42,100 52,500
Merchandise Inventory 75,000 75,000
Accumulated Depr. - Equipment 29,600 42,900
Mortgage Payable 80,000 80,000
Building 190,000 190,000
Office Salaries Expense 32,000 32,000
Cash 23,800 23,800
Prepaid Insurance 9,600 2,400
B. Maine, Capital 176,600 176,600
Property Tax Expense 4,800
Cost of Goods Sold 412,700 412,700
Property Taxes Payable 4,800
Depr. Expense - Building 10,400
Sales Salaries Expense 76,000 76,000
Depr. Expense- Equipment 13,300
Sales 628,000 628,000
B. Maine, Drawing 28,000 28,000
Sales Commissions Expense 10,200 14,500
Equipment 110,000 110,000
Sales Commissions Payable 4,300
Insurance Expense 7,200
Sales Returns and Allowances 8,000 8,000
Interest Expense 3,000 11,000
Utilities Expense 11,000 12,000
Utilities Expense Payable 1,000

Prepare a multiple-step income statement, an owner's equity statement, and a classified balance sheet. $20,000 of the mortgage payable is due for payment next year. (List amounts from largest to smallest e.g. 10, 5, 3, 2. If amounts are the same, list alphabetically. For the Balance Sheet, list assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2.)
MAINE DEPARTMENT STORE
Income Statement
For the Year Ended December 31, 2012
Sales Revenues
$
Less:


Net sales



Gross profit

Operating expenses
$










Total operating expenses


Income from operations
Other revenues and gains

Other expenses and losses





Net income
$


MAINE DEPARTMENT STORE
Owner's Equity Statement
For the Year Ended December 31, 2012
$
Add:



Less:



$


MAINE DEPARTMENT STORE
Balance Sheet
December 31, 2012
Assets
Current Assets
$






Total current assets
Property, plant and equipment
$
Less:



Equipment
Less:






Total assets
$


Liabilities and Owner's Equity
Current liabilities
$








Total current liabilities
Long-term liabilities



Total liabilities
Owner's Equity



Total liabilities and owner's equity
$






Journalize the adjusting entries that were made.
Date Description/Account Debit Credit
Dec. 31

(To adjust depreciation on building.)
Dec. 31

(To adjust depreciation on equipment.)
Dec. 31

(To adjust insurance expense.)
Dec. 31

(To adjust interest expense.)
Dec. 31

(To adjust property tax expense.)
Dec. 31

(To adjust sales commissions expense.)
Dec. 31

(To adjust utilities expense.)





Journalize the closing entries that are necessary. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
Date Description/Account Debit Credit
Dec. 31


(To close revenue account.)
Dec. 31











(To close expense accounts.)
Dec. 31

(To close net income to capital.)
Dec. 31

(To close drawings to capital.)

Explanation / Answer

100000 90000 1670 4580 10 9 8

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