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P5-3A Starz Department Store

Price: $2.50

P5-3A Starz Department Store is located near the Towne Shopping Mall. At the end of the
company’s calendar year on December 31, 2014, the following accounts appeared in two
of its trial balances

(a) Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. $16,000 of the mortgage payable is due for payment next year.
(b) Journalize the adjusting entries that were made.
(c) Journalize the closing entries that are necessary.

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