Wildhorse Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year

Wildhorse Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $25,400 $25,400 Notes payable $35,000 $35,000 Accounts Receivable 31,000 31,000 Owner’s Capital 87,400 87,400 Accumulated Depr.—Equipment 35,000 46,000 Owner’s Drawings 10,000 10,000 Cash 25,000 25,000 Prepaid Insurance 10,200 2,500 Cost of Goods Sold 508,000 508,000 Property Tax Expense 2,500 Freight-Out 5,700 5,700 Property Taxes Payable 2,500 Equipment 145,000 145,000 Rent Expense 15,000 15,000 Depreciation Expense 11,000 Salaries and Wages Expense 96,000 96,000 Insurance Expense 7,700 Sales Revenue 720,000 720,000 Interest Expense 6,000 6,000 Sales Commissions Expense 6,500 11,000 Interest Revenue 2,100 2,100 Sales Commissions Payable 4,500 Inventory 30,000 30,000 Sales Returns and Allowances 8,000 8,000 Utilities Expense 8,500 8,500 Journalize the closing entries that are necessary which are to close accounts with credit balances, to close accounts with debit balances, to close net income or loss, and to close drawings.

Do you need us to help you on this or any other assignment?


Make an Order Now