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Prepare a multiple-step income statement an owners equity

Maine Department Store is located near the Village Shopping Mall. At the end of the company's calendar year on December 31, 2010, the following accounts appeared in two of its trial balances.

Instructions

(a) 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.

(b) Journalize the adjusting entries that were made.

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Accounting Basics: Prepare a multiple-step income statement an owners equity

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