A partial work sheet for Carman and Company is presented below. The merchandise inventory at the beginning of the year was $46,700. D. E. Carman, the owner, withdrew $33,500 during the year. The fiscal year ends on July 31 of this year.
Instructions:

1.
Prepare an income statement.
2.
Journalize the closing entries.

Question

A partial work sheet for Carman and Company is presented below. The merchandise inventory at the beginning of the year was $46,700. D. E. Carman, the owner, withdrew $33,500 during the year. The fiscal year ends on July 31 of this year.
Instructions:
  
1.
Prepare an income statement.
2.
Journalize the closing entries.

Quizplus · Accepted Answer

The Answer of A partial work sheet for Carman and Company is presented below. The merchandise inventory at the beginning of the year was $46,700. D. E. Carman, the owner, withdrew $33,500 during the year. The fiscal year ends on July 31 of this year.
Instructions:
  
1.
Prepare an income statement.
2.
Journalize the closing entries.

A Partial Work Sheet for Carman and Company Is Presented