The Deluxe Store is located in midtown Madison. During
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The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because o
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The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2019, the following accounts appeared in two of its trial balances. Instructions (a) Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet. Notes payable are due in 2022. (b) Journalize the adjusting entries that were made. (c) Journalize the closing entries that are necessary.
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