2:24 PM 11/25/17 Accrual Basis THE MAIN STREET CASUALS SHOPPE, INC Adjusted Trial Balance February 2

  2:24 PM 11/25/17 Accrual Basis THE  MAIN STREET CASUALS SHOPPE, INC Adjusted Trial Balance February 27,  2016 Feb 29, 16 Debit Credit 146,911.64 101,000.00 2,500.00 3,000.00  300,000.00 100,000.00 40,000.00 10000 Cash in Bank- Flushing Bank 10500  Inventory 10600 Accounts Receivable 11000 Prepaid Advertising 14000  Building 14500 Land 14600 Furniture and Fixtures 17100 Accumulated  Depreciation- Build 22500 Accounts Payable 22600 Accrued Utilities  Payable 22700 Accrued Interest Payable 22800 Accrued Salaries Payable  22900 Accrued Income Tax Payable 23000 Unearned Rent Revenue 25000 Note  Payable- Flushing Bank 30100 Capital Stock 45000 Sales 5000 Cost of  Goods Sold 60500 Advertising Epense 62450 Depreciation Expense. Building  63400 Interest Expense 65000 Salary Expense 68700 Utility Expense 69000  Income Tax Expense 48400 Rental Income 2,000.00 100,000.00 800.00  1,668.49 100.00 6,169.00 8,000.00 350,000.00 200,000.00 128,500.00  89,000.00 ,000.00 2,000.00 3,106.85 3,100.00 1,450.00 6,169.00 2,000.00  TOTAL 799,237.49 799,237.49 Using the adjusted trial balance above,  prepare 1. The Income Statement, Statement of Retained Earnings and the  Balance Sheet for The 2. Prepare the 3 closing entries. Since there are  no dividends, a closing entry to transfer 3. Prepare an After Closing  Trial Balance. DO NOT post the closing entries to your Main Street  Casuals Shoppe, Inc. You should include a separate section for Gross  Profit. the dividends declared is not necessary. previously prepared  general ledger. You need only to update the retained earnings (which is  zero thru the adjusted T/B). Remember, on an After Closing Trial  Balance, the temporary accounts do not exist.   

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