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Merchandiser's Financial Statements and the Closing Process


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LO 1 Prepare a work sheet for a merchandising business.
LO 2 Define and prepare multiple-step and single-step income statements.
LO 3 Prepare a statement of owner's equity.
LO 4 Explain and prepare a classified balance sheet.
LO 5 Prepare journal entries to close temporary accounts.
LO 6 Prepare a post-closing trial balance.
LO 7 Prepare reversing entries and explain their purpose.








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