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....
icon
Related questions
Question

Alpesh 

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.
Transcribed Image Text: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.
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning