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, 2008, 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


(a)prepare a mulirple-step income statement, an owners equity statement, and a classified balance sheet. $20000 of the morgage payable is due for payment next year
(b) journalize the adjusting entries that were made
(c) jouralize the closing entries that are necessary

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