P5-3A Maine Department Store is located near the Village Shopping Mall. At the e

Question

P5-3A

Maine Department Store is located near the Village Shopping Mall. At the end of the company's fiscal year on December 31, 2011, the following accounts appeared in two of its trial balances.
Unadjusted Adjusted Unadjusted Adjusted
Accounts Payable $79,300 $79,300 Interest Revenue $4,000 $4,000
Accounts Receivable 50,300 50,300 Merchandise Inventory 75,000 75,000
Accumulated Depr. - Building 42,100 52,500 Mortgage Payable 80,000 80,000
Accumulated Depr. - Equipment 29,600 42,900 Office Salaries Expense 32,000 32,000
Building 190,000 190,000 Prepaid Insurance 9,600 2,400
Cash 23,800 23,800 Property Tax Expense 4,800
Common Stock 116,600 116,600 Property Taxes Payable 4,800
Cost of Goods Sold 412,700 412,700 Retained Earnings 60,000 60,000
Depr. Expense - Building 10,400 Sales Salaries Expense 76,000 76,000
Depr. Expense- Equipment 13,300 Sales 628,000 628,000
Dividends 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
Interest Payable 8,000 Utilities Expense Payable 1,000
$20,000 of the mortgage Payable is due for payment next year.







Complete a multiple-step income statement, a retained earnings statement, and a classified balance sheet. (List amounts from largest to smallest eg 10, 5, 3, 2. If amounts are the same, list alphabetically. List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.)
MAINE DEPARTMENT STORE
Income Statement
For the Year Ended December 31, 2011
Sales Revenues
Office Salaries ExpenseCashSales Commissions PayableCost of Goods SoldMortgage Payable Due Next YearInterest ExpenseAccounts PayableAcc. Dep.-EquipmentAccounts ReceivableDepr. Expense-BuildingCommon StockDepr. Expense-EquipmentBuildingAcc. dep.-BuildingRetained EarningsSalesMortgage PayableProperty Taxes PayableDividendsInterest RevenueSales Salaries ExpensePrepaid InsuranceUtilities Expense PayableSales Commissions ExpenseEquipmentInsurance ExpenseMerchandise InventorySales Returns and AllowancesProperty Tax ExpenseUtilities ExpenseInterest Payable $
Less: Prepaid InsuranceProperty Taxes PayableSales Commissions ExpenseSales Commissions PayableAcc. Dep.-EquipmentUtilities ExpenseInsurance ExpenseUtilities Expense PayableAcc. dep.-BuildingCommon StockOffice Salaries ExpenseCost of Goods SoldBuildingMerchandise InventoryDepr. Expense-EquipmentInterest PayableInterest RevenueAccounts ReceivableDividendsMortgage Payable Due Next YearSales Salaries ExpenseInterest ExpenseCashSales returns and allowancesAccounts PayableSalesProperty Tax ExpenseRetained EarningsDepr. Expense-BuildingMortgage PayableEquipment

Net sales
Sales Commissions PayableAcc. dep.-BuildingUtilities Expense PayableDepr. Expense-BuildingAccounts ReceivableRetained EarningsInterest PayableInsurance ExpenseUtilities ExpenseProperty Tax ExpenseDepr. Expense-EquipmentCost of Goods SoldDividendsBuildingSales Commissions ExpenseSales Salaries ExpenseProperty Taxes PayableMortgage Payable Due Next YearPrepaid InsuranceMerchandise InventoryAccounts PayableInterest ExpenseAcc. Dep.-EquipmentSalesCashMortgage PayableCommon StockEquipmentSales Returns and AllowancesInterest RevenueOffice Salaries Expense

Gross profit

Operating Expenses
Mortgage Payable Due Next YearSalesCashDepr. Expense-BuildingOffice Salaries ExpenseInterest ExpenseAcc. Dep.-EquipmentAcc. dep.-BuildingInterest PayableSales Returns and AllowancesSales Commissions ExpenseProperty Tax ExpenseMortgage PayableEquipmentCommon StockRetained EarningsUtilities ExpenseDividendsInterest RevenueAccounts PayableCost of Goods SoldBuildingInsurance ExpenseDepr. Expense-EquipmentPrepaid InsuranceSales Salaries ExpenseSales Commissions PayableAccounts ReceivableProperty Taxes PayableUtilities Expense PayableMerchandise Inventory $
BuildingInsurance ExpenseCashCommon StockInterest ExpenseInterest RevenueAcc. dep.-BuildingDepr. Expense-BuildingRetained EarningsDepr. Expense-EquipmentPrepaid InsuranceSales Commissions PayableInterest PayableAccounts PayableCost of Goods SoldSalesEquipmentSales Salaries ExpenseAccounts ReceivableMerchandise InventoryOffice Salaries ExpenseProperty Tax ExpenseUtilities Expense PayableMortgage PayableDividendsSales Commissions ExpenseSales Returns and AllowancesUtilities ExpenseProperty Taxes PayableMortgage Payable Due Next YearAcc. Dep.-Equipment
Sales Salaries ExpenseEquipmentDepr. Expense-BuildingDividendsMortgage PayableCashCost of Goods SoldMortgage Payable Due Next YearAcc. Dep.-EquipmentInsurance ExpenseCommon StockSales Commissions PayableSales Returns and AllowancesAcc. dep.-BuildingInterest RevenueRetained EarningsUtilities ExpensePrepaid InsuranceInterest ExpenseProperty Tax ExpenseOffice Salaries ExpenseDepr. Expense-EquipmentBuildingAccounts ReceivableMerchandise InventoryUtilities Expense PayableSales Commissions ExpenseSalesProperty Taxes PayableInterest PayableAccounts Payable
Interest ExpenseProperty Taxes PayableDepr. Expense-BuildingMortgage PayableSales Returns and AllowancesEquipmentSalesUtilities Expense PayableDividendsInterest PayablePrepaid InsuranceCommon StockAcc. Dep.-EquipmentUtilities ExpenseInsurance ExpenseInterest RevenueRetained EarningsCost of Goods SoldOffice Salaries ExpenseSales Salaries ExpenseSales Commissions ExpenseProperty Tax ExpenseDepr. Expense-EquipmentAccounts PayableSales Commissions PayableAccounts ReceivableMortgage Payable Due Next YearAcc. dep.-BuildingBuildingMerchandise InventoryCash
DividendsBuildingMortgage Payable Due Next YearAccounts ReceivableAcc. dep.-BuildingPrepaid InsuranceEquipmentMerchandise InventoryOffice Salaries ExpenseInsurance ExpenseInterest ExpenseCashSales Commissions ExpenseInterest RevenueMortgage PayableCommon StockProperty Taxes PayableSales Salaries ExpenseSalesRetained EarningsSales Returns and AllowancesProperty Tax ExpenseUtilities ExpenseSales Commissions PayableUtilities Expense PayableInterest PayableAccounts PayableAcc. Dep.-EquipmentCost of Goods SoldDepr. Expense-BuildingDepr. Expense-Equipment

Acc. dep.-BuildingEquipmentSales Commissions PayableMortgage PayableInterest ExpenseUtilities Expense PayableProperty Tax ExpenseMerchandise InventoryPrepaid InsuranceUtilities ExpenseBuildingAccounts ReceivableInterest PayableCashOffice Salaries ExpenseSales Returns and AllowancesCommon StockCost of Goods SoldAccounts PayableAcc. Dep.-EquipmentMortgage Payable Due Next YearRetained EarningsDepr. Expense-EquipmentDividendsInsurance ExpenseInterest RevenueDepr. Expense-BuildingSales Salaries ExpenseSalesProperty Taxes PayableSales Commissions Expense
Insurance ExpenseMortgage PayableBuildingSalesMortgage Payable Due Next YearAcc. Dep.-EquipmentAcc. dep.-BuildingPrepaid InsuranceDepr. Expense-EquipmentUtilities ExpenseInterest PayableCommon StockAccounts PayableMerchandise InventoryRetained EarningsAccounts ReceivableDividendsCashEquipmentInterest RevenueCost of Goods SoldDepr. Expense-BuildingInterest ExpenseSales Commissions ExpenseOffice Salaries ExpenseSales Salaries ExpenseSales Returns and AllowancesProperty Tax ExpenseProperty Taxes PayableSales Commissions PayableUtilities Expense Payable
Property Taxes PayableAccounts PayableInterest PayableDepr. Expense-EquipmentAcc. Dep.-EquipmentAcc. dep.-BuildingDepr. Expense-BuildingProperty Tax ExpenseBuildingRetained EarningsSalesDividendsPrepaid InsuranceMerchandise InventoryInterest RevenueMortgage Payable Due Next YearAccounts ReceivableCashSales Commissions ExpenseEquipmentInsurance ExpenseSales Returns and AllowancesInterest ExpenseMortgage PayableUtilities ExpenseCommon StockCost of Goods SoldSales Commissions PayableUtilities Expense PayableOffice Salaries ExpenseSales Salaries Expense

Total operating Expenses

Income from operations
Other revenues and gains
Acc. dep.-BuildingRetained EarningsSales Returns and AllowancesDividendsProperty Taxes PayablePrepaid InsuranceSales Commissions PayableOffice Salaries ExpenseSales Salaries ExpenseDepr. Expense-BuildingSalesSales Commissions ExpenseMortgage PayableCommon StockDepr. Expense-EquipmentCost of Goods SoldEquipmentUtilities ExpenseInterest PayableInterest RevenueInsurance ExpenseInterest ExpenseProperty Tax ExpenseUtilities Expense PayableMortgage Payable Due Next YearAccounts PayableAcc. Dep.-EquipmentBuildingMerchandise InventoryAccounts ReceivableCash
Other Expenses and losses
Interest ExpenseProperty Tax ExpenseCashMortgage PayableMerchandise InventoryBuildingSales Returns and AllowancesMortgage Payable Due Next YearAccounts PayableCommon StockSalesAcc. Dep.-EquipmentUtilities ExpenseCost of Goods SoldProperty Taxes PayableRetained EarningsAcc. dep.-BuildingPrepaid InsuranceDividendsInterest RevenueSales Commissions PayableUtilities Expense PayableInterest PayableAccounts ReceivableDepr. Expense-BuildingDepr. Expense-EquipmentOffice Salaries ExpenseEquipmentInsurance ExpenseSales Salaries ExpenseSales Commissions Expense


Net income $



MAINE DEPARTMENT STORE
Retained Earnings Statement
For the Year Ended December 31, 2011
Depr. Expense-EquipmentSales Salaries ExpenseSales Commissions PayableUtilities ExpenseSalesAcc. Dep.-EquipmentSales Commissions ExpenseAcc. dep.-BuildingUtilities Expense PayableRetained Earnings, December 31Interest ExpenseMerchandise InventoryEquipmentProperty Taxes PayableInsurance ExpenseInterest PayableMortgage Payable Due Next YearCost of Goods SoldInterest RevenueOffice Salaries ExpenseSales Returns and AllowancesProperty Tax ExpenseAccounts PayableBuildingAccounts ReceivableRetained Earnings, January 1Net IncomeDividendsCommon StockPrepaid InsuranceCashMortgage PayableDepr. Expense-Building $
Add: Property Taxes PayableInterest ExpenseSales Commissions PayableEquipmentDepr. Expense-EquipmentSales Salaries ExpenseAccounts ReceivableOffice Salaries ExpenseUtilities Expense PayableSalesAcc. dep.-BuildingMerchandise InventoryInterest PayableCost of Goods SoldMortgage Payable Due Next YearSales Commissions ExpenseRetained Earnings, January 1Interest RevenueSales Returns and AllowancesCashUtilities ExpenseProperty Tax ExpenseNet IncomeCommon StockDividendsRetained Earnings, December 31Accounts PayableAcc. Dep.-EquipmentDepr. Expense-BuildingBuildingPrepaid InsuranceMortgage PayableInsurance Expense


Less: Depr. Expense-BuildingInterest ExpenseUtilities Expense PayableProperty Taxes PayableCashDepr. Expense-EquipmentMerchandise InventorySales Commissions ExpenseInterest RevenueDividendsEquipmentMortgage PayableCommon StockPrepaid InsuranceBuildingUtilities ExpenseSales Returns and AllowancesCost of Goods SoldInterest PayableRetained Earnings, January 1Accounts ReceivableNet I07/02/2010ncomeInsurance ExpenseOffice Salaries ExpenseSales Salaries ExpenseSalesProperty Tax ExpenseRetained Earnings, December 31Sales Commissions PayableMortgage Payable Due Next YearAccounts PayableAcc. Dep.-EquipmentAcc. dep.-Building

Cost of Goods SoldUtilities ExpenseAcc. dep.-BuildingInsurance ExpenseDepr. Expense-BuildingSales Salaries ExpenseDepr. Expense-EquipmentDividendsPrepaid InsuranceCashEquipmentCommon StockOffice Salaries ExpenseInterest PayableSales Returns and AllowancesInterest ExpenseBuildingSalesInterest RevenueMerchandise InventoryProperty Tax ExpenseAccounts ReceivableSales Commissions ExpenseRetained Earnings, December 31Retained Earnings, January 1Net IncomeUtilities Expense PayableSales Commissions PayableProperty Taxes PayableMortgage Payable Due Next YearMortgage PayableAccounts PayableAcc. Dep.-Equipment $



MAINE DEPARTMENT STORE
Balance Sheet
December 31, 2011
Assets
Current Assets
CashAcc. Dep.-EquipmentInsurance ExpenseInterest RevenueEquipmentProperty Taxes PayableUtilities Expense PayableProperty Tax ExpenseSales Commissions ExpenseDividendsInterest PayableMortgage Payable Due Next YearAccounts PayableInterest ExpensePrepaid InsuranceSales Commissions PayableCost of Goods SoldAcc. dep.-BuildingMerchandise InventoryAccounts ReceivableOffice Salaries ExpenseSales Salaries ExpenseBuildingRetained EarningsMortgage PayableCommon StockDepr. Expense-EquipmentDepr. Expense-BuildingSalesSales Returns and AllowancesUtilities Expense $
DividendsAccounts PayableUtilities Expense PayableProperty Taxes PayableProperty Tax ExpenseInterest ExpenseAccounts ReceivableOffice Salaries ExpenseSales Commissions PayableInsurance ExpenseUtilities ExpenseBuildingInterest RevenueSales Salaries ExpenseEquipmentDepr. Expense-EquipmentSalesSales Commissions ExpenseSales Returns and AllowancesAcc. Dep.-EquipmentInterest PayableMortgage Payable Due Next YearRetained EarningsAcc. dep.-BuildingPrepaid InsuranceMerchandise InventoryCashMortgage PayableCommon StockCost of Goods SoldDepr. Expense-Building
CashSales Returns and AllowancesInterest PayableInterest ExpenseSales Salaries ExpenseDividendsAcc. Dep.-EquipmentUtilities Expense PayableSalesEquipmentAcc. dep.-BuildingDepr. Expense-EquipmentSales Commissions ExpenseInterest RevenueBuildingProperty Tax ExpensePrepaid InsuranceAccounts PayableUtilities ExpenseMortgage PayableProperty Taxes PayableMortgage Payable Due Next YearAccounts ReceivableCommon StockRetained EarningsCost of Goods SoldSales Commissions PayableMerchandise InventoryInsurance ExpenseDepr. Expense-BuildingOffice Salaries Expense
Sales Commissions ExpenseAccounts ReceivableSales Returns and AllowancesInterest PayableUtilities ExpenseSales Commissions PayableInterest RevenueInterest ExpenseCommon StockInsurance ExpenseUtilities Expense PayableMortgage PayableDepr. Expense-EquipmentRetained EarningsAcc. Dep.-EquipmentAccounts PayableAcc. dep.-BuildingEquipmentPrepaid InsuranceProperty Tax ExpenseOffice Salaries ExpenseProperty Taxes PayableMortgage Payable Due Next YearBuildingMerchandise InventoryCashSales Salaries ExpenseCost of Goods SoldSalesDepr. Expense-BuildingDividends

Total current assets
Property, plant and equipment
Interest RevenueUtilities Expense PayableOffice Salaries ExpenseAccounts ReceivableSales Salaries ExpenseEquipmentMortgage Payable Due Next YearProperty Taxes PayableInterest ExpenseAccounts PayableDepr. Expense-EquipmentSales Returns and AllowancesProperty Tax ExpenseInterest PayableBuildingDepr. Expense-BuildingSales Commissions PayableUtilities ExpenseCommon StockAcc. Dep.-EquipmentCashAcc. dep.-BuildingRetained EarningsPrepaid InsuranceSalesMerchandise InventorySales Commissions ExpenseCost of Goods SoldMortgage PayableDividendsInsurance Expense $
Less: Insurance ExpenseBuildingDepr. Expense-EquipmentAccounts ReceivableProperty Taxes PayableCost of Goods SoldInterest ExpenseProperty Tax ExpenseUtilities Expense PayableOffice Salaries ExpenseInterest PayableInterest RevenueMortgage Payable Due Next YearSalesSales Salaries ExpenseRetained EarningsSales Commissions ExpenseCommon StockPrepaid InsuranceSales Returns and AllowancesAcc. Dep.-BuildingAccounts PayableUtilities ExpenseSales Commissions PayableAcc. Dep.-EquipmentMerchandise InventoryCashMortgage PayableDepr. Expense-BuildingDividendsEquipment

Equipment
Less: Office Salaries ExpenseDepr. Expense-BuildingSalesCommon StockSales Commissions ExpenseBuildingInterest ExpenseRetained EarningsInterest PayableInterest RevenueCost of Goods SoldProperty Tax ExpenseAcc. Dep.-EquipmentMortgage PayableSales Commissions PayableDepr. Expense-EquipmentAccounts ReceivableDividendsCashUtilities Expense PayableSales Returns and AllowancesProperty Taxes PayableEquipmentInsurance ExpenseUtilities ExpenseMortgage Payable Due Next YearAccounts PayableSales Salaries ExpenseAcc. dep.-BuildingPrepaid InsuranceMerchandise Inventory



Total assets $


Liabilities and Stockholders' Equity
Current liabilities
BuildingUtilities ExpenseDepr. Expense-BuildingInterest RevenueAccounts ReceivableUtilities Expense PayableDividendsPrepaid InsuranceInterest ExpenseOffice Salaries ExpenseProperty Tax ExpenseAcc. Dep.-EquipmentAcc. dep.-BuildingRetained EarningsSalesSales Salaries ExpenseAccounts PayableMerchandise InventorySales Commissions PayableSales Commissions ExpenseMortgage Payable Due Next YearSales Returns and AllowancesDepr. Expense-EquipmentProperty Taxes PayableCashCost of Goods SoldMortgage PayableInterest PayableCommon StockEquipmentInsurance Expense $
BuildingInterest RevenueSalesProperty Tax ExpenseRetained EarningsSales Returns and AllowancesInsurance ExpenseSales Commissions ExpenseCommon StockInterest ExpenseInterest PayableAcc. dep.-BuildingCost of Goods SoldEquipmentPrepaid InsuranceMerchandise InventoryOffice Salaries ExpenseSales Salaries ExpenseUtilities ExpenseDepr. Expense-BuildingMortgage Payable Due Next YearDepr. Expense-EquipmentSales Commissions PayableAcc. Dep.-EquipmentAccounts ReceivableUtilities Expense PayableProperty Taxes PayableAccounts PayableCashMortgage PayableDividends
Accounts ReceivableSales Salaries ExpenseEquipmentSales Commissions PayableBuildingProperty Taxes PayableMerchandise InventoryUtilities Expense PayableCost of Goods SoldAcc. Dep.-EquipmentOffice Salaries ExpenseDepr. Expense-BuildingUtilities ExpenseAcc. dep.-BuildingInterest RevenuePrepaid InsuranceCashRetained EarningsCommon StockDividendsMortgage PayableSalesProperty Tax ExpenseDepr. Expense-EquipmentMortgage Payable Due Next YearSales Commissions ExpenseSales Returns and AllowancesInsurance ExpenseInterest ExpenseAccounts PayableInterest Payable
SalesRetained EarningsCost of Goods SoldSales Commissions ExpenseInsurance ExpenseSales Returns and AllowancesAcc. Dep.-EquipmentProperty Tax ExpenseProperty Taxes PayableBuildingSales Salaries ExpenseMortgage Payable Due Next YearAccounts ReceivableAccounts PayableAcc. dep.-BuildingSales Commissions PayableInterest ExpensePrepaid InsuranceMerchandise InventoryCashUtilities Expense PayableOffice Salaries ExpenseMortgage PayableInterest RevenueCommon StockUtilities ExpenseInterest PayableDepr. Expense-BuildingDepr. Expense-EquipmentDividendsEquipment
Common StockOffice Salaries ExpenseAcc. dep.-BuildingInterest ExpenseRetained EarningsMerchandise InventoryProperty Tax ExpenseBuildingDividendsInterest RevenueCost of Goods SoldAcc. Dep.-EquipmentDepr. Expense-EquipmentSales Salaries ExpenseSalesEquipmentUtilities Expense PayableSales Commissions ExpenseDepr. Expense-BuildingSales Returns and AllowancesProperty Taxes PayablePrepaid InsuranceUtilities ExpenseSales Commissions PayableInsurance ExpenseInterest PayableMortgage Payable Due Next YearAccounts PayableAccounts ReceivableCashMortgage Payable
Sales Commissions ExpenseSales Returns and AllowancesDepr. Expense-EquipmentProperty Tax ExpenseAccounts PayableInsurance ExpenseMerchandise InventoryMortgage Payable Due Next YearPrepaid InsuranceAcc. dep.-BuildingInterest ExpenseAcc. Dep.-EquipmentUtilities Expense PayableCost of Goods SoldDepr. Expense-BuildingInterest RevenueCommon StockAccounts ReceivableProperty Taxes PayableSalesSales Commissions PayableOffice Salaries ExpenseBuildingCashSales Salaries ExpenseUtilities ExpenseInterest PayableMortgage PayableDividendsRetained EarningsEquipment

Total current liabilities
Long-term liabilities
Merchandise InventorySales Commissions PayableDepr. Expense-BuildingBuildingOffice Salaries ExpenseInterest ExpenseSales Commissions ExpenseCost of Goods SoldCashSales Returns and AllowancesMortgage PayableAccounts ReceivableCommon StockSales Salaries ExpensePrepaid InsuranceSalesInterest RevenueUtilities ExpenseMortgage Payable Due Next YearProperty Tax ExpenseProperty Taxes PayableUtilities Expense PayableRetained EarningsInterest PayableDepr. Expense-EquipmentDividendsAccounts PayableAcc. Dep.-EquipmentAcc. dep.-BuildingEquipmentInsurance Expense

Total liabilities
Stockholders' Equity
SalesMortgage Payable Due Next YearCommon StockSales Returns and AllowancesAccounts PayableDepr. Expense-BuildingOffice Salaries ExpenseSales Commissions ExpenseBuildingPrepaid InsuranceAcc. Dep.-EquipmentEquipmentUtilities Expense PayableMerchandise InventoryAcc. dep.-BuildingUtilities ExpenseInterest RevenueRetained EarningsProperty Tax ExpenseAccounts ReceivableCashMortgage PayableCost of Goods SoldSales Commissions PayableInsurance ExpenseProperty Taxes PayableDepr. Expense-EquipmentInterest PayableDividendsInterest ExpenseSales Salaries Expense
Office Salaries ExpenseInsurance ExpenseSalesCost of Goods SoldSales Salaries ExpenseSales Commissions ExpenseUtilities ExpenseSales Returns and AllowancesInterest ExpenseDepr. Expense-BuildingSales Commissions PayableInterest RevenueAcc. dep.-BuildingProperty Tax ExpenseRetained EarningsDividendsDepr. Expense-EquipmentPrepaid InsuranceUtilities Expense PayableProperty Taxes PayableBuildingInterest PayableMerchandise InventoryMortgage Payable Due Next YearAcc. Dep.-EquipmentAccounts PayableAccounts ReceivableCashEquipmentMortgage PayableCommon Stock

Total stockholders' equity

Total liabilities and stockholders' equity $








Journalize the adjusting entries that were made.
Date Description Debit Credit
Dec. 31 Common StockDepr. Expense-EquipmentInterest ExpenseInterest RevenueRetained EarningsAccounts ReceivableProperty Tax ExpenseUtilities ExpenseSales Commissions PayableSales Returns and AllowancesUtilities Expense PayableProperty Taxes PayableCost of Goods SoldInterest PayableMortgage Payable Due Next YearDepr. Expense-BuildingAccounts PayableMerchandise InventoryInsurance ExpenseCashAcc. Dep.-EquipmentMortgage PayableOffice Salaries ExpenseEquipmentAcc. dep.-BuildingBuildingDividendsPrepaid InsuranceSales Salaries ExpenseSalesSales Commissions Expense
Accounts PayableDividendsCashProperty Tax ExpenseCost of Goods SoldMortgage PayableRetained EarningsSalesEquipmentAccounts ReceivableUtilities ExpenseDepr. Expense-EquipmentCommon StockSales Salaries ExpenseAcc. Dep.-BuildingInsurance ExpenseUtilities Expense PayableMortgage Payable Due Next YearInterest ExpenseDepr. Expense-BuildingSales Commissions PayableProperty Taxes PayableAcc. Dep.-EquipmentInterest RevenueOffice Salaries ExpenseInterest PayableSales Commissions ExpenseBuildingSales Returns and AllowancesPrepaid InsuranceMerchandise Inventory
(To adjust depreciation on building.)
Dec. 31 Utilities Expense PayableMortgage Payable Due Next YearSales Commissions PayableSales Commissions ExpenseMerchandise InventoryAccounts PayableDividendsAcc. Dep.-EquipmentDepr. Expense-EquipmentInterest PayableCommon StockAccounts ReceivableCashMortgage PayableSales Salaries ExpenseDepr. Expense-BuildingAcc. dep.-BuildingRetained EarningsProperty Taxes PayableBuildingOffice Salaries ExpenseCost of Goods SoldPrepaid InsuranceUtilities ExpenseEquipmentInsurance ExpenseInterest ExpenseInterest RevenueSalesSales Returns and AllowancesProperty Tax Expense
Depr. Expense-BuildingMortgage PayableSales Commissions PayableRetained EarningsSalesUtilities Expense PayableProperty Tax ExpenseProperty Taxes PayableInterest PayableMortgage Payable Due Next YearAcc. dep.-BuildingSales Salaries ExpenseOffice Salaries ExpenseAccounts PayableBuildingCost of Goods SoldSales Commissions ExpensePrepaid InsuranceAccounts ReceivableSales Returns and AllowancesMerchandise InventoryCashUtilities ExpenseCommon StockAcc. Dep.-EquipmentInterest ExpenseDepr. Expense-EquipmentDividendsEquipmentInsurance ExpenseInterest Revenue
(To adjust depreciation on equipment.)
Dec. 31 Accounts ReceivableRetained EarningsOffice Salaries ExpenseMortgage Payable Due Next YearAcc. Dep.-EquipmentSales Salaries ExpenseUtilities ExpenseCashSales Commissions ExpenseSales Commissions PayableSalesCost of Goods SoldDepr. Expense-BuildingDepr. Expense-EquipmentDividendsProperty Tax ExpenseProperty Taxes PayableInterest RevenueSales Returns and AllowancesInsurance ExpenseUtilities Expense PayableAccounts PayableEquipmentInterest PayableAcc. dep.-BuildingInterest ExpenseBuildingPrepaid InsuranceMerchandise InventoryMortgage PayableCommon Stock
Merchandise InventoryDepr. Expense-BuildingSales Salaries ExpenseSales Returns and AllowancesSales Commissions PayableDepr. Expense-EquipmentSales Commissions ExpensePrepaid InsuranceCashUtilities ExpenseAcc. Dep.-EquipmentUtilities Expense PayableAccounts ReceivableDividendsProperty Taxes PayableInterest PayableOffice Salaries ExpenseEquipmentAcc. dep.-BuildingInsurance ExpenseRetained EarningsSalesCommon StockProperty Tax ExpenseMortgage Payable Due Next YearCost of Goods SoldAccounts PayableBuildingMortgage PayableInterest ExpenseInterest Revenue
(To adjust Insurance Expense.)
Dec. 31 Interest ExpenseProperty Taxes PayableOffice Salaries ExpenseInterest PayableUtilities ExpenseMerchandise InventoryAccounts ReceivableSales Commissions ExpenseEquipmentUtilities Expense PayableProperty Tax ExpenseAcc. dep.-BuildingCashSales Commissions PayableInsurance ExpenseMortgage Payable Due Next YearCommon StockSales Returns and AllowancesSalesAccounts PayableAcc. Dep.-EquipmentBuildingDepr. Expense-EquipmentPrepaid InsuranceDividendsMortgage PayableRetained EarningsCost of Goods SoldDepr. Expense-BuildingInterest RevenueSales Salaries Expense
Interest PayableInsurance ExpenseMortgage Payable Due Next YearAcc. Dep.-EquipmentDepr. Expense-EquipmentSales Commissions PayableAccounts ReceivableEquipmentCashUtilities Expense PayableInterest ExpenseCommon StockUtilities ExpenseInterest RevenueOffice Salaries ExpenseProperty Taxes PayableAcc. dep.-BuildingMerchandise InventoryDividendsSales Returns and AllowancesMortgage PayableProperty Tax ExpenseSales Salaries ExpenseRetained EarningsAccounts PayableBuildingCost of Goods SoldSalesSales Commissions ExpensePrepaid InsuranceDepr. Expense-Building
(To adjust interest Expense.)
Dec. 31 Depr. Expense-BuildingRetained EarningsDepr. Expense-EquipmentInterest RevenueInterest PayableAccounts PayableCommon StockDividendsMortgage Payable Due Next YearProperty Taxes PayableAcc. Dep.-EquipmentUtilities ExpenseCost of Goods SoldBuildingPrepaid InsuranceEquipmentSalesUtilities Expense PayableInsurance ExpenseInterest ExpenseOffice Salaries ExpenseAcc. dep.-BuildingMerchandise InventorySales Salaries ExpenseSales Commissions ExpenseSales Returns and AllowancesSales Commissions PayableProperty Tax ExpenseAccounts ReceivableCashMortgage Payable
Accounts PayableAcc. Dep.-EquipmentInterest PayableDepr. Expense-BuildingMerchandise InventoryAcc. dep.-BuildingInsurance ExpenseBuildingRetained EarningsMortgage Payable Due Next YearSalesSales Commissions PayableUtilities Expense PayableSales Commissions ExpenseInterest ExpenseCost of Goods SoldPrepaid InsuranceAccounts ReceivableDepr. Expense-EquipmentDividendsEquipmentSales Returns and AllowancesProperty Tax ExpenseCashMortgage PayableInterest RevenueCommon StockOffice Salaries ExpenseUtilities ExpenseSales Salaries ExpenseProperty Taxes Payable
(To adjust property Tax Expense.)
Dec. 31 Accounts ReceivableCommon StockUtilities ExpenseMortgage PayableDepr. Expense-EquipmentRetained EarningsCashCost of Goods SoldDividendsEquipmentSalesProperty Tax ExpensePrepaid InsuranceAccounts PayableBuildingInsurance ExpenseInterest ExpenseUtilities Expense PayableMerchandise InventoryInterest RevenueOffice Salaries ExpenseDepr. Expense-BuildingSales Salaries ExpenseSales Returns and AllowancesMortgage Payable Due Next YearSales Commissions ExpenseSales Commissions PayableProperty Taxes PayableAcc. Dep.-EquipmentInterest PayableAcc. dep.-Building
Interest PayableMortgage PayableSales Commissions PayableSalesMerchandise InventoryDepr. Expense-EquipmentInterest RevenueSales Commissions ExpenseAccounts ReceivableOffice Salaries ExpenseProperty Tax ExpenseSales Salaries ExpenseInsurance ExpenseInterest ExpenseBuildingDividendsCommon StockCost of Goods SoldDepr. Expense-BuildingSales Returns and AllowancesRetained EarningsProperty Taxes PayableEquipmentUtilities Expense PayablePrepaid InsuranceUtilities ExpenseMortgage Payable Due Next YearAccounts PayableCashAcc. Dep.-EquipmentAcc. dep.-Building
(To adjust sales Commissions Expense.)
Dec. 31 CashUtilities ExpenseSales Returns and AllowancesInsurance ExpenseMortgage PayableSales Commissions ExpenseAcc. Dep.-EquipmentOffice Salaries ExpenseEquipmentSales Salaries ExpenseProperty Tax ExpenseProperty Taxes PayableUtilities Expense PayableDepr. Expense-BuildingAccounts ReceivableRetained EarningsSales Commissions PayableDividendsCommon StockInterest PayableSalesMerchandise InventoryDepr. Expense-EquipmentMortgage Payable Due Next YearInterest ExpenseInterest RevenueAccounts PayableAcc. dep.-BuildingBuildingPrepaid InsuranceCost of Goods Sold
Interest PayableAccounts PayableSales Returns and AllowancesMortgage Payable Due Next YearOffice Salaries ExpenseCashSales Salaries ExpenseAcc. dep.-BuildingSalesSales Commissions ExpenseUtilities ExpenseProperty Tax ExpenseMerchandise InventoryInsurance ExpenseAccounts ReceivableAcc. Dep.-EquipmentInterest RevenueBuildingDividendsUtilities Expense PayableCommon StockSales Commissions PayableDepr. Expense-BuildingPrepaid InsuranceMortgage PayableRetained EarningsProperty Taxes PayableCost of Goods SoldDepr. Expense-EquipmentEquipmentInterest Expense
(To adjust utilities Expense.)







Journalize the closing entries that are necessary. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Date Account/Description Debit Credit
Dec. 31 Interest PayableSales Returns and AllowancesProperty Tax ExpenseAcc. dep.-BuildingEquipmentAcc. Dep.-EquipmentAccounts ReceivableInsurance ExpenseCashMortgage Payable Due Next YearInterest ExpenseUtilities ExpenseDepr. Expense-BuildingDividendsAccounts PayableBuildingIncome SummaryPrepaid InsuranceSalesUtilities Expense PayableMortgage PayableSales Commissions PayableInterest RevenueOffice Salaries ExpenseSales Salaries ExpenseProperty Taxes PayableSales Commissions ExpenseMerchandise InventoryCommon StockRetained EarningsCost of Goods SoldDepr. Expense-Equipment
Office Salaries ExpenseMortgage PayableRetained EarningsInterest PayableAcc. Dep.-EquipmentAccounts PayableSales Commissions PayableAccounts ReceivableSales Salaries ExpenseProperty Taxes PayableSales Commissions ExpenseIncome SummaryMortgage Payable Due Next YearCommon StockProperty Tax ExpenseDividendsAcc. dep.-BuildingCashInterest RevenueBuildingSales Returns and AllowancesDepr. Expense-EquipmentPrepaid InsuranceUtilities ExpenseMerchandise InventoryCost of Goods SoldDepr. Expense-BuildingSalesEquipmentInterest ExpenseUtilities Expense PayableInsurance Expense
Cost of Goods SoldInterest RevenueCashAccounts ReceivableMortgage Payable Due Next YearSales Commissions PayableUtilities ExpenseRetained EarningsMortgage PayableIncome SummaryCommon StockAccounts PayableEquipmentProperty Taxes PayableOffice Salaries ExpenseSales Commissions ExpenseDepr. Expense-BuildingInsurance ExpenseInterest PayableDepr. Expense-EquipmentAcc. Dep.-EquipmentSales Salaries ExpenseAcc. dep.-BuildingInterest ExpenseProperty Tax ExpenseSalesBuildingSales Returns and AllowancesPrepaid InsuranceDividendsMerchandise InventoryUtilities Expense Payable
(To close revenue account.)
Dec. 31 BuildingCashMortgage PayableCost of Goods SoldSales Salaries ExpenseOffice Salaries ExpenseCommon StockMerchandise InventorySales Commissions ExpenseInterest PayableDepr. Expense-EquipmentRetained EarningsSalesDepr. Expense-BuildingAccounts ReceivableAcc. dep.-BuildingSales Returns and AllowancesPrepaid InsuranceUtilities ExpenseDividendsProperty Tax ExpenseIncome SummaryEquipmentInsurance ExpenseInterest RevenueUtilities Expense PayableInterest ExpenseMortgage Payable Due Next YearSales Commissions PayableProperty Taxes PayableAccounts PayableAcc. Dep.-Equipment
Mortgage PayableUtilities ExpenseSales Commissions PayableInterest RevenueInsurance ExpenseBuildingInterest PayableUtilities Expense PayableAccounts ReceivableInterest ExpenseOffice Salaries ExpenseSales Salaries ExpenseCost of Goods SoldProperty Taxes PayableMortgage Payable Due Next YearAccounts PayableSalesAcc. Dep.-EquipmentAcc. dep.-BuildingDepr. Expense-BuildingProperty Tax ExpenseRetained EarningsPrepaid InsuranceMerchandise InventoryCashCommon StockDepr. Expense-EquipmentDividendsSales Commissions ExpenseSales Returns and AllowancesEquipmentIncome Summary
Sales Salaries ExpenseSales Returns and AllowancesDepr. Expense-BuildingAcc. dep.-BuildingSales Commissions PayableSalesInterest PayableDepr. Expense-EquipmentMortgage Payable Due Next YearInterest ExpenseInsurance ExpenseInterest RevenueProperty Taxes PayableIncome SummaryEquipmentAcc. Dep.-EquipmentOffice Salaries ExpenseMerchandise InventorySales Commissions ExpenseUtilities ExpenseProperty Tax ExpenseDividendsUtilities Expense PayableAccounts PayableBuildingPrepaid InsuranceAccounts ReceivableCashMortgage PayableCommon StockRetained EarningsCost of Goods Sold
Common StockRetained EarningsProperty Taxes PayableInterest RevenueMortgage PayableOffice Salaries ExpenseBuildingUtilities Expense PayableAcc. Dep.-EquipmentCost of Goods SoldDepr. Expense-BuildingPrepaid InsuranceUtilities ExpenseMerchandise InventoryInterest ExpenseAcc. dep.-BuildingSales Returns and AllowancesProperty Tax ExpenseIncome SummaryAccounts ReceivableSales Salaries ExpenseSalesSales Commissions PayableCashSales Commissions ExpenseDividendsInterest PayableDepr. Expense-EquipmentMortgage Payable Due Next YearAccounts PayableEquipmentInsurance Expense
Acc. dep.-BuildingDividendsBuildingInterest RevenueSales Commissions ExpenseUtilities Expense PayableMortgage Payable Due Next YearSales Commissions PayableDepr. Expense-EquipmentCashProperty Taxes PayableInterest ExpenseCost of Goods SoldDepr. Expense-BuildingOffice Salaries ExpenseAcc. Dep.-EquipmentEquipmentPrepaid InsuranceInsurance ExpenseRetained EarningsInterest PayableMerchandise InventorySales Salaries ExpenseSalesSales Returns and AllowancesUtilities ExpenseProperty Tax ExpenseIncome SummaryCommon StockAccounts PayableAccounts ReceivableMortgage Payable
Property Taxes PayableInsurance ExpenseUtilities ExpenseSales Commissions ExpenseSales Salaries ExpenseInterest ExpenseDepr. Expense-EquipmentOffice Salaries ExpenseProperty Tax ExpenseAcc. dep.-BuildingBuildingPrepaid InsuranceMerchandise InventoryInterest PayableSales Commissions PayableMortgage Payable Due Next YearAccounts ReceivableEquipmentIncome SummarySales Returns and AllowancesCashDepr. Expense-BuildingDividendsUtilities Expense PayableAccounts PayableInterest RevenueAcc. Dep.-EquipmentSalesMortgage PayableCommon StockRetained EarningsCost of Goods Sold
Property Tax ExpenseDepr. Expense-EquipmentSales Commissions PayableSales Salaries ExpenseProperty Taxes PayableBuildingInterest PayableMortgage Payable Due Next YearAcc. dep.-BuildingMerchandise InventoryAccounts PayablePrepaid InsuranceAccounts ReceivableAcc. Dep.-EquipmentInterest RevenueCashInsurance ExpenseEquipmentMortgage PayableCommon StockSalesCost of Goods SoldDepr. Expense-BuildingSales Commissions ExpenseRetained EarningsSales Returns and AllowancesIncome SummaryOffice Salaries ExpenseInterest ExpenseUtilities ExpenseDividendsUtilities Expense Payable
DividendsAccounts ReceivableSales Commissions ExpenseSales Commissions PayableInsurance ExpenseUtilities ExpenseMortgage Payable Due Next YearCost of Goods SoldInterest RevenueOffice Salaries ExpenseEquipmentPrepaid InsuranceSales Salaries ExpenseSalesDepr. Expense-BuildingAccounts PayableMerchandise InventorySales Returns and AllowancesMortgage PayableProperty Tax ExpenseAcc. dep.-BuildingCashAcc. Dep.-EquipmentDepr. Expense-EquipmentIncome SummaryUtilities Expense PayableCommon StockBuildingRetained EarningsInterest ExpenseProperty Taxes PayableInterest Payable
Accounts ReceivableProperty Taxes PayableEquipmentSales Commissions ExpenseSales Salaries ExpenseInterest RevenueSalesProperty Tax ExpenseDividendsUtilities Expense PayableBuildingCost of Goods SoldIncome SummaryRetained EarningsSales Commissions PayableDepr. Expense-EquipmentInsurance ExpenseCashMortgage PayableSales Returns and AllowancesOffice Salaries ExpenseUtilities ExpenseDepr. Expense-BuildingInterest PayableMortgage Payable Due Next YearAccounts PayableAcc. Dep.-EquipmentAcc. dep.-BuildingInterest ExpensePrepaid InsuranceCommon StockMerchandise Inventory
BuildingMortgage PayableMerchandise InventoryRetained EarningsProperty Tax ExpenseAccounts ReceivableInterest RevenueOffice Salaries ExpenseSales Salaries ExpensePrepaid InsuranceCashMortgage Payable Due Next YearCommon StockSalesAcc. Dep.-EquipmentAccounts PayableDepr. Expense-BuildingDepr. Expense-EquipmentUtilities Expense PayableCost of Goods SoldSales Commissions ExpenseUtilities ExpenseEquipmentInsurance ExpenseInterest ExpenseSales Commissions PayableSales Returns and AllowancesIncome SummaryDividendsProperty Taxes PayableInterest PayableAcc. dep.-Building
Prepaid InsuranceAccounts PayableIncome SummaryInsurance ExpenseAcc. Dep.-EquipmentRetained EarningsAcc. dep.-BuildingUtilities Expense PayableProperty Taxes PayableCost of Goods SoldDepr. Expense-BuildingDepr. Expense-EquipmentBuildingDividendsSales Commissions ExpenseEquipmentSalesMortgage PayableMerchandise InventorySales Commissions PayableSales Salaries ExpenseInterest PayableMortgage Payable Due Next YearAccounts ReceivableCommon StockCashInterest ExpenseOffice Salaries ExpenseInterest RevenueSales Returns and AllowancesUtilities ExpenseProperty Tax Expense
CashDepr. Expense-BuildingInsurance ExpenseMortgage PayableSales Commissions ExpenseMerchandise InventoryProperty Taxes PayableUtilities Expense PayableAcc. Dep.-EquipmentUtilities ExpenseEquipmentCommon StockDividendsRetained EarningsOffice Salaries ExpenseInterest ExpenseAcc. dep.-BuildingCost of Goods SoldInterest PayableInterest RevenueIncome SummaryBuildingSales Commissions PayableSales Salaries ExpenseSalesPrepaid InsuranceDepr. Expense-EquipmentMortgage Payable Due Next YearSales Returns and AllowancesAccounts PayableProperty Tax ExpenseAccounts Receivable
(To close Expense accounts.)
Dec. 31 Mortgage PayableDepr. Expense-BuildingAcc. Dep.-EquipmentSales Salaries ExpenseProperty Taxes PayableCost of Goods SoldAcc. dep.-BuildingIncome SummaryBuildingCommon StockDepr. Expense-EquipmentOffice Salaries ExpenseInsurance ExpensePrepaid InsuranceInterest ExpenseProperty Tax ExpenseSalesMerchandise InventoryUtilities Expense PayableUtilities ExpenseSales Commissions ExpenseInterest PayableSales Commissions PayableMortgage Payable Due Next YearEquipmentAccounts PayableInterest RevenueAccounts ReceivableCashRetained EarningsDividendsSales Returns and Allowances
SalesPrepaid InsuranceSales Returns and AllowancesProperty Tax ExpenseDividendsInterest ExpenseBuildingMortgage PayableSales Salaries ExpenseEquipmentInsurance ExpenseIncome SummaryAccounts ReceivableAccounts PayableSales Commissions PayableProperty Taxes PayableInterest PayableCommon StockInterest RevenueMortgage Payable Due Next YearRetained EarningsSales Commissions ExpenseCost of Goods SoldMerchandise InventoryDepr. Expense-BuildingUtilities ExpenseUtilities Expense PayableOffice Salaries ExpenseAcc. Dep.-EquipmentAcc. dep.-BuildingCashDepr. Expense-Equipment
(To close income summary.)
Dec. 31 Depr. Expense-EquipmentSales Returns and AllowancesInterest PayableRetained EarningsMortgage PayableSales Commissions ExpenseUtilities ExpenseEquipmentSalesProperty Tax ExpenseAccounts ReceivableDividendsBuildingInsurance ExpenseIncome SummaryUtilities Expense PayableCashCommon StockSales Commissions PayableInterest ExpenseInterest RevenueCost of Goods SoldProperty Taxes PayableMortgage Payable Due Next YearAccounts PayableAcc. Dep.-EquipmentAcc. dep.-BuildingPrepaid InsuranceOffice Salaries ExpenseSales Salaries ExpenseMerchandise InventoryDepr. Expense-Building
Retained EarningsCommon StockMerchandise InventoryAcc. Dep.-EquipmentInterest PayableProperty Taxes PayableUtilities Expense PayableDepr. Expense-EquipmentEquipmentInsurance ExpenseSales Commissions PayableUtilities ExpenseMortgage Payable Due Next YearAcc. dep.-BuildingInterest RevenueSalesPrepaid InsuranceBuildingDepr. Expense-BuildingInterest ExpenseMortgage PayableAccounts ReceivableCashOffice Salaries ExpenseSales Salaries ExpenseSales Commissions ExpenseAccounts PayableCost of Goods SoldSales Returns and AllowancesProperty Tax ExpenseIncome SummaryDividends
(To close dividends.)

Explanation / Answer

Go to this link for your answer!!! http://wiki.answers.com/Q/Maine_Department_Store_is_located_near_the_Village_Shopping_Mall_At_the_end_of_the_companys_fiscal_year_on_December_31_2008_the_following_accounts_appeared_in_two_of_its_trial_balances

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