E5-20 Journalizing purchase and sales transactions

Learning Objectives 2, 3
Feb. 23 Cash $4,653

Journalize the following transactions for Santa Fe Art Gift Shop. Explanations are not required.

Use the following information to answer Exercise E5-24.

The adjusted trial balance of Business Reduction Systems at March 31, 2016, follows:
E5-24 Preparing a multi-step income statement
Learning Objective 5
Gross Profit $137,000

Prepare Business Reduction’s multi-step income statement for the year ended March 31, 2016.