The following account information, in alphabetical order, was taken from the work sheet of Compu-Soft for the month ended November 30, 2020. Adjusted Trial Balance Account Debit 201 Accounts payable 106 Accounts receivable Credit $ 720 $ 1,170 166 Accumulated depreciation, store equipment 4,300 101 Cash 502 Cost of goods sold 1,950 14,500 612 Depreciation expense, store equipment 130 301 Peter Delta, capital 2,770 302 Peter Delta, withdrawals 5,900 406 Rent revenue 413 Sales 2,200 29,100 165 Store equipment 690 623 415 Sales discounts 414 Sales returns and allowances Utilities expense Wages expense Totals 50 690 6,900 1,800 6,000 $39,090 $39,090 Required: Prepare a multiple-step income statement for the month ended November 30, 2020.

The following account information, in alphabetical order, was taken from the work sheet of Compu-Soft for the month ended November 30, 2020. Adjusted Trial Balance Account Debit 201 Accounts payable 106 Accounts receivable Credit $ 720 $ 1,170 166 Accumulated depreciation, store equipment 4,300 101 Cash 502 Cost of goods sold 1,950 14,500 612 Depreciation expense, store equipment 130 301 Peter Delta, capital 2,770 302 Peter Delta, withdrawals 5,900 406 Rent revenue 413 Sales 2,200 29,100 165 Store equipment 690 623 415 Sales discounts 414 Sales returns and allowances Utilities expense Wages expense Totals 50 690 6,900 1,800 6,000 $39,090 $39,090 Required: Prepare a multiple-step income statement for the month ended November 30, 2020.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 7PB: Using the following information, A. Make the December 31 adjusting journal entry for depreciation....

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