trial balance for Mowgli Corporation accounting homework help

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trial balance for Mowgli Corporation accounting homework help

The adjusted trial balance for Mowgli Corporation contained the following accounts at December 31, 2015 the end of the company’s fiscal year:





Accounts Receivable


Inventory (beginning)




Office equipment


Accumulated Depreciation-equip.




Accumulated Depreciation-Bldg.




Accounts Payable


Interest Payable


Unearned Revenue


Notes Payable








Sales Returns and Allowances


Sales Discounts




Purchases Returns and Allowances


Purchase Discounts




Insurance Expense


Interest Expense


Repair Expense


Salaries Expense


Advertising Expense


Depreciation Expense


Utilities Expense




Other Information:

  • Inventory on hand at December 31, 2015 is $40,000 (Hint: this is ending inventory).
  • Administrative expenses include the following: Insurance expense, Repair Expense, Utilities expense, and Depreciation expense.
  • Selling expenses include the following: Advertising expense and Salaries expense.
  • $20,000 of the Notes Payable is payable next year (Hint: classified as current).


Prepare a classified balance sheet (20pts), multiple step income statement (20pts), statement of owners’ equity (5pts), and closing entry (5pts).

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