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Journalizing closing entries periodic inventory system Nautical Dream Boat Supply uses the periodic inventory method The adjusted trial balance of Nautical Dream Boat Supply at December

Journalizing closing entries—periodic inventory system Nautical Dream Boat Supply uses the periodic inventory method. The adjusted trial balance of Nautical Dream Boat Supply at December 31, 2016, follows:

Requirements

1. Journalize the required closing entries at December 31, 2016. Assume ending Merchandise Inventory is $53,300.

2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.

3. How much was Nautical Dream’s net income or net loss?

Apr 21 2020 View more View Less

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