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= = = = = U L Heading 1 Heading 2 Heading 3 Heading Prepare...

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Accounting

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= = = = = U L Heading 1 Heading 2 Heading 3 Heading Prepare all year-end closing entries for McLean Company using compound entries wherever appropriate. McLean Company uses the perpetual inventory method. On November 30, 2019, the adjusted year-end account balances of McLean Company were as follows: Accounts Payable $16,250 Equipment $70,000 Accounts Receivable 13,000 Interest Revenue 2.200 Accumulated Depreciation 12,000 Inventory 26,250 Depreciation Expense 4,000 Rent and Utilities Expense 38,500 Cash 3,500 Salaries Expense 118,000 Cost of Goods Sold 299,850 Sales 5 03,500 Don McLean, Capital 66,500 Sales Discounts 13,850 Don McLean, Withdrawals 15,000 Unearned Revenue 1,500 Inventory as per actual count November 30, 2019 = $28,500. The inventory account should be adjusted to the actual count balance before doing the closing entries

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